Many hedge fund managers and their ilk think we haven’t yet seen the worst of the coronavirus pandemic. Count Kyle Bass among them.

Bass said he believes the “economic and financial realities” brought about by the coronavirus are larger than what is reflected in the stock market. “We’re going to have a very long grind here, trying to get these people back to work.”

What Bass brings to this typically gloomy picture, however, is an incredulous fury that things aren’t worse than they. He simply cannot believe that his prediction last month has proven wrong. And he can barely contain his anger at that fact.

“I’m surprised at the size of the bounce when you look at our economy and the fact that we have ... 20% unemployment, and in the center of the fairway of where we think it will be by the end of the year, in a perfect world, maybe we’ll be back to 7% to 10% unemployment,” Bass said on “Squawk Box.”

Jeff Gundlach can also hardly believe how easy we’ve had it, especially given the morons running the show, although—contra his reputation—he managed to express it in more measured tones.

“I’m certainly in the camp that we are not out of the woods. I think a retest of the low is very plausible,” Gundlach said on CNBC’s “Halftime Report.” “I think we’d take out the low.”

“People don’t understand the magnitude of ... the social unease at least that’s going to happen when ... 26 million-plus people have lost their job,” Gundlach said. “We’ve lost every single job that we created since the bottom in 2009.”

Hedge fund manager Kyle Bass: I’m surprised at size of market bounce given the terrible economy [CNBC]
Jeffrey Gundlach is shorting the market, says a retest of the low ‘very plausible’ [CNBC]

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