Global financial markets are living on borrowed time with geopolitical crises and deflationary risks still a concern, private-equity billionaire Wilbur Ross told CNBC.
"I think [markets] are living on borrowed time because investors have no alternatives," the chairman and chief executive of private equity firm WL Ross & Co told CNBC Europe's "Squawk Box" on Monday.
"Everyone's scared to death of long-term fixed incomebecause we know rates will be going up, short-term fixed income doesn't giveyou any yield, commodities are going no place except down [so] where else canyou put money unless you want to buy a $100 million [Alberto] Giacometti sculpture," he said.
So far, it has been a calm November for global stock markets when compared to the sharp selloff and volatility seen in October on the back of global growth worries. In the last thirty days, for instance, the FTSE100 has gained 7.4 percent and the S&P 500 and Dow Jones almost 10 percent– and the Nasdaq over 11 percent -- from the market plunge seen in mid-October.