Global Liquidity: A Simple Equation

Since really the start of the year, we have seen a net growth of global liquidity mainly because as you point out, there's a ton of inflows happening in Asian countries. I've done a tremendous amount of work on this and the correlations are very tight. They continue to be very tight. This is across digital assets. This is a called stratify assets, both stocks and bonds. You can very clearly see that tight correlation particularly on a levels basis in what we do. In feuds aggregate, what we do here at 42 macro is we aggregate the top 500 banks. Once you get beyond the top five, you're hardly talking about any share.