Elliott Management’s Paul Singer is worried about the structure of financial markets. In Paul Singer's second quarter letter to Elliot investors, a copy of which has been reviewed by VallueWalk, the billionaire contemplates how markets today are now ruled by central banks, after years of ultra-easy monetary policy.
These policies have resulted in the Swiss National Bank owning global stocks with a market value equal to 23% of the GDP of Switzerland and the Japanese central bank being a top-ten shareholder in 90% of Japanese companies.
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