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The Importance of Monetary Policy in Micro Turns
Sufi Amir has a macro paper that explains what's going on in micro turns. He says there's a shortage of assets to invest in, and rich people tend to hold things as nominal assets. And so if you drill through the balance sheet of rich people, you actually find very large amounts of nominal assets underneath them. The hottest craze on Wall Street at the moment is the Special Purpose Acquisition Company.