‘Black Swan’ investor still sees a ‘euphoric high’ ahead and doesn’t think the largest bubble ever is bursting yet—but then there could be an 80% crash

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• Mark Spitznagel, founder and chief investment officer of Universa Investments, has a reputation as one of the gloomiest investors on Wall Street but has been very bullish since 2022. The “Black Swan” hedge fund guru maintains his view that a “euphoric high” is ahead, but also still sees the “largest bubble in human history” popping eventually and a crash worse than the 2008 financial crisis.

U.S. stocks have taken a beating so far this year as President Donald Trump ramps up his trade war and slashes federal payrolls, but this is not a bubble bursting, according to Mark Spitznagel, founder and chief investment officer of Universa Investments.