Market heavyweights are going to cash in a big way:
Last week, Lim Chow Kiat, who runs some $440 billion for Singapore’s sovereign wealth fund, laid out his case for keeping powder dry. Before that, Chicago billionaire Sam Zell said his firm has never been this cash-heavy. Meanwhile, hedge-fund titan Paul Singer has been busy raising a big chunk of change.
“We’re at about $3.4 trillion in money market assets,” he explained. “Put in that perspective, we got up to $3.9 trillion during the worst of the financial crisis, then it fell to about $2.6 trillion, so obviously it’s been moving up.” “With all that dry powder out there, the catalyst is that yield is going to start to fall away. We’ve already seen yield on short term, fixed income fall,” he said. “People will be looking for yield and looking for a return somewhere. And I think that’s the place where if they’re less concerned about a recession and the global slowdown, that could be a spot where you get money going into stocks.”
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