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Equity Markets Can Hold Out a Lot Longer, Right?
There are reasons why it can hold out a lot longer structurally because there is demand. I think people will re-enter the workforce if you do see a sustained downturn in equity markets. If that rolls over, forget it, risk assets are going to struggle. And by the way, this construction where you have passive investment, this is why the high beta stuff gets hit much harder.
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