Paul Singer: This threat is 'head-and-shoulders' above all others

Concept image of an electromagnetic field
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Billionaire hedge fund manager Paul Singer has issued an unusual warning for investors, calling the threat of a widespread blackout from an electromagnetic surge the "most significant danger" in the world.

Called an "electromagnetic pulse " or EMP, the events can occur naturally from solar storms or artificially from a high-altitude explosion of nuclear weapons.

"While these pages are typically chock full of scary or depressing scenarios, there is one risk that is head-and-shoulders above all the rest in terms of the scope of potential damage adjusted for the likelihood of occurrence, " Singer wrote to clients of his $24.8 billion Elliott Management on Monday in a standard investment update letter. "Even horrendous nuclear war, except in its most extreme form, can [be] a relatively localized issue, and the threat from asteroids can (possibly) be mitigated. "