Two years ago, Zach Schreiber correctly predicted the epic oil crash. Now he’s warning of a looming financial disaster in Saudi Arabia.
When Schreiber speaks, people sit up and pay attention. His 2014 prophesy reportedly led to a $1 billion profit for his firm.
“If you’re long, I’m sorry for you,” the CEO of hedge fund PointState Capital said when he made the bet two years ago and oil was over $100 a barrel.
Oil’s eventual crash to as low as $26 a barrel this past February has created headaches for Saudi Arabia and other countries that rely on oil to make their budgets. Saudi Arabia has alreadyslashed spending and is racing to raise cash. This past weekend, the country fired its longtime oil minister.
Source: CNN (10th May 2016)