What Makes a Market?

eric im: We are running out of collateral. There is a demand for long dated assets, and even short assets, of pristine collateral. i think the last thing that we're going to be worried about in the coming decade is the problem of not enough fixed income instruments to buy. This one takes at least a decade to play out. So we can both claim that we got it right for a good year before we have to actually admit who was wrong that week.