The Importance of Liquidity in Trading

The real way we have risk appetite and the desire to provide liquidity is we look at our neighbors and see they're getting rich and we're not. That's a really powerful heuristic I think is to not try to think about liquidity in the context of kind of Friedman monetary aggregates but rather confidence, sentiment and psychology. By the way, just a footnote, that is so cool and that could be an entire podcast. You know how we met? It's so funny. You'll love this. This was during the QE days...I was just a young whipper snapper just talking shit on Twitter. Back then, you know, everybody was just buying volume, betting on hyper