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What Will Cause The Next Market Crash?
Many Happy Returns
The Liquidity Question
Investors are avoiding maturity dates around the x-state. This kind of reminds me of the ring of repugnant. If you watch cows eating in a field, they actually don't eat in a ring around each of their cowpats. That's because we're kind of parasites, which live inside a cow dung. They'll be careful what you eat. But the liquidity questions are an interesting one, because if there's an illiquid market, the problem is that you get very amplified volatility.
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