4min chapter

New Books in Finance cover image

Illiquidity + Opacity = Insolvency: A Discussion with Gary Stern, Former President of the Minneapolis Fed

New Books in Finance

CHAPTER

Private Equity Markdowns - Is That Really the Case?

Many institutional investors have taken on leverage to try to boost returns. In the world of very low interest rates that may have made sense, at least on paper. It's not so clear whether it made sense in the abstract before the year started. But I think as far as the biggest banks are concerned, the vulnerabilities have been meaningfully reduced. That is clearly something to keep an eye on.

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