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ARTIFICIAL SCARCITY AND MODERN MARKETS

Higher rates has not reduced liquidity as I expected - leading to artificial scarcity remaining a strong driver of appreciation.
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One of the features of “modern” (read post GFC) markets is that volumes traded tend to be less even as markets rise. In the UK, mortgage approvals have collapsed back to close to GFC levels, after never really getting back to pre-GFC levels.

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Capital Flows and Asset Markets
Capital Flows and Asset Markets
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