Market surge heading for big fall warns Roubini.

Investment Adviser | November 9, 2009 | Copyright

Byline: Nick Rice

Fund groups have challenged the view that the recent market surge was "the mother of all carry trades", as suggested by leading financial commentator Nouriel Roubini.

The chairman of RGE Monitor, who predicted aspects of the crisis a year before it materialised, said traders were borrowing a depreciating dollar at zero interest rates to fund huge investments in the equity market, making total returns of 50-70 per cent off what is effectively a large negative cost of borrowing.

He said: "The combined effect of the Fed policy of a ...

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