Seth Klarman, the founder of hedge fund Baupost Group, has told clients central bank policies and government stimulus have convinced investors that risk “has simply vanished”, leaving the market unable to fulfil its role as a price discovery mechanism.
The private letter to investors in his fund, which was seen by the Financial Times, amounts to a damning critique of recent market behaviour by one of the world’s foremost value investors.
Mr Klarman criticised the Federal Reserve for slashing rates and flooding the financial system with money since the onset of the coronavirus pandemic, arguing that the central bank’s moves have made it difficult to gauge the health of the US economy.
您已阅读20%（690字），剩余80%（2822字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。