Market’s Favorite Bear Case Considered Valid Until Proven Otherwise
I doubt most readers need another point/counterpoint exercise around what Deutsche Bank described this week as the great "liquidity scare" bear case.
But not needing something isn't the same as not wanting it, and I can say, from extensive experience, that in the post-Lehman era, there's no such thing as "too much" when it comes to analyzing the relationship between liquidity and equity returns.
Earlier this week, I sketched the contours of Deutsche Bank's assessment which, for those who misse