Hedge fund Elliott Management isn’t bullish on the U.S. economy as we approach the deepest downturn in 80 years.

Paul Singer’s fund said Wednesday that global stocks could decline by as much as 50% from February highs. Reuters reports on a letter sent to clients. The fund called the sharp March decline in the market “a heavy bookend to a dozen years of basically nonstop positive returns in global stocks, bonds, and real estate.”

It projects that the decline is not over right now.

Hedge Fund Elliott Management on the Downturn

The letter says: “Our gut tells us that a 50% or deeper decline from the February top might be the ultimate path of global stock markets.”

That would be much larger than the 36% decline that we saw in March. Shares have bounced back more than 30% from the March 23 low. The company said that it’s too soon for markets to rally given the current outlook for the economy.

“To us there does not appear to be a gilded cornucopia of shining bargains,” the firm wrote.

The sobering statements conflict against some recent projections by other hedge fund managers like Ricky Sandler or strategists at Morgan Stanley.

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