Billionaire investor Paul Singer thinks stocks are way overvalued.
"By all measures, the U.S. stock market is currently frothy," the founder of $24.8 billion hedge fund firm Elliott Management wrote in a letter to investors Monday.
Singer repeated his long-held view that central banks are creating asset bubbles through their market stimulus programs.
"Investors are pushing out the risk curve and once again piling on leverage to juice returns, while short-term interest rates in Europe are actually negative, " he said. "Although the levitation of financial assets has not yet spread to gold, we will grit our collective teeth on that score and await either 'asset price justice' or the 'end times,' whichever comes first. "