Well i think it depends more on the factors that go into the reasoning/justifications for the low liquidity.

Is the market moving from equities to bonds like currently? Is the world moving from assets to cash in general. Both of these scenarios mean different outcomes for the " low liquidity"

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good points! file this under the "i must be missing something" bucket :)

I could still be as well. The macro shit is really fucking hard to grok. I feel no matter how many times I've heard it talked about it never fully "sinks" in a much as if like it to. Makes me wonder if this is because i don't really have to worry much about it too care or what.