Market watchers who thought the stock market would drop if Donald Trump were elected were burned following his win: markets rose to new highs instead.
Now hedge fund manager Paul Singer of Elliott Management says it could still happen—if Trump's agenda to cut taxes, lower regulations, and increase spending gets derailed.
"There are actually forces in place that could point to a relatively near-term recession in the absence of solid new pro-growth policies," Singer wrote in a letter seen by Business Insider.
The hedge fund manager, who had no intention of voting for Trump ahead of the elections, previously said that Trump's trade policies would likely result in "widespread global depression."
That was ahead of the elections, however. In February, Singer met again with Trump to exchange ideas about the economy.