Singer called stocks "a more complicated picture."
The investor said it's hard to know how stocks would react when market confidence is lost.
Singer briefly weighed in on Elliott's battle with the government of Argentina over bonds.
"They've elevated a purely commercial dispute into a dispute about national dignity," he said of the country's recent default and refusal to pay Elliott.
Singer also defended investor activism, a tactic increasingly used by Elliott as a portfolio strategy and others in the industry.
He said it was "wrong to say the activists have nothing to bring to the table" in response to criticism by corporate lawyer Martin "Marty" Lipton and others.
Singer said Lipton's charge that activists were inherently only interested in the short term was unfair; Elliott usually holds securities for longer than most institutional investors.
And Singer added his hedge fund never did activism for no reason.
"It's not just being hostile. We try and work with companies first," he explained.