The markets could see a 1938-type recovery this year, said Barton Biggs, managing partner at Traxis Partners, which has more than $1 billion under management.
"One of the reasons I'm bullish here is that I'm convinced that the hedge fund industry is in a very, very low risk, conservative position," said Biggs. "We're running a very substantial net-long."
Although the rally is not the start of a bull market, he cautioned, it is "significant."
"We could be in a little pause here while the markets correct," he said. "But basically, we're half way through or a third of the way through a really significant rally." (Source: CNBC)
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