The Effects of Liquidity on Investments

I don't know to what extent it continues, but you tie in monetary conditions and it's like playing a game of musical cheers for kids. If this continues, you can see how it results in a car crash down the line. So many strategies we've become accustomed to as being part of the overall financial fabric of how things work get unraveled from a zero rates end of scenario. Just keep running away from anything that relies on leverage because those strategies where you optimize your weighted average cost of capital by taking on more debt are not viable anymore. I do wait until it starts looking very different.