Fund Manager Makes Big Bet Against Stocks, Sees Recession Ahead

Fund manager holding 60% of portfolio in cash and short-term bonds, anticipating a stock market crash.

Manager cites signs of economic weakness like declining consumer confidence, rising credit card delinquencies.

Fund placed similar large bets ahead of dot-com crash and 2008 crisis.

Manager argues Fed tightening hasn't fully hit economy yet, recession still possible.

Markets appear to be catching up to manager's bearish outlook based on surge in Treasury yields.