Salient to Investors:

ATP, Denmark’s biggest pension fund said:

  • Unprecedented stimulus from the biggest central banks has supported prices in “risky” markets, including equities, so investors need to brace themselves for potential disruptions when normalization of monetary policy comes, as recent investor reaction to the Fed’s warning of tapering showed market fragility.
  • Monetary policy is not a long-term solution to economic weakness and central banks only buy time as governments, companies and households adjust.

Norway’s sovereign wealth fund, the world’s biggest, is bracing for a correction in stock prices.

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