SWFs: fast becoming an unaffordable luxury
Have fortunes ever turned around so quickly? Sovereign wealth funds, the great hope for financial markets just a few months ago, are now suffering under losses on recent risky investments. Worse, economic reality has caught up with them and removed much of their raison d’etre.
The anguish suffered by sovereign investors since they started taking high-profile stakes in Western banks over the past year is becoming more apparent by the day: they have lost tens of billions of dollars on their investments; they have also earned a reputation, for having timed the market
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