‘Air Pockets’ And Risk Hiding In Plain Sight

You know, I think one of the reasons why investors in general and retail investors in particular don't appreciate the risks inherent in changes to market structure is because a lot of those changes have come in the post-crisis era. I'm just guessing, but given that Lehman was damn near a decade ago, it seems entirely likely that a non-negligible percentage of the people running around on the sellside and the buyside right now were in high school when Congress voted on the bailout in October 200
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