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

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