The "Global Macro Investor" - An Interview With Raoul Pal
"But the real value by far is going to be the
global securities and custody industry, because that is where the rotting heart of the leverage lies – where collateral is reused 20-30 times without you even realizing. If you own some US government bonds, you don’t realize that they get used 40 times by everybody else in the system. Your bonds that you own and that you bought."
About Raoul Pal: Raoul Pal has previously co-managed the GLG Global Macro Fund in London for GLG Partners, one of the largest hedge fund groups in the world. He came to GLG from Goldman Sachs where he co-managed the hedge fund sales business in Equities and Equity Derivatives in Europe.
Source:
http://www.zerohedge.com/news/2015-06-14/global-macro-investor-interview-raoul-pal
