48. Zed Francis - Will credit markets be tight or illiquid in 2023?
Mutiny Investing Podcast
The Bank of England - What's the Problem, Guys?
AOM's error was not having a liquid portfolio, but an investment strategy in terms of the ability to hedge out those liabilities. It was getting greedy and turning your portfolio from fully liquid to something that's less liquid. And then they started going into privates and infrastructure and things that have truly no instantaneous liquidity,. So that became their problem in August and September of last year.
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