The stock market crashed last month on recession fears but has since soared to fresh record highs as the Federal Reserve began cutting rates and China unveiled stimulus measures. To Mark Spitznagel, cofounder and chief investment officer of the hedge fund Universa Investments, events are unfolding as he predicted. The hedge fund veteran previously said markets would rally as the Fed eases in a Goldilocks phase, but has also warned a recession is coming and that rate cuts are also the opening signal for big reversals down the line.