"I believe that the current market environment is setting up for a major retrenchment in risk...

|By:, SA News Editor

"I believe that the current market environment is setting up for a major retrenchment in risk assets," writes John Burbank to his investors, adding he has as strong of a conviction about Passport Capital's positioning as he's ever had. He thinks a recession is coming in 2012 or 2013, and with it a major decline in equity values.