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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ARTIFICIAL SCARCITY AND MODERN MARKETS
Higher rates has not reduced liquidity as I expected - leading to artificial scarcity remaining a strong driver of appreciation.
Capital Flows and Asset Markets
Explaining how capital flows and asset markets work
Explaining how capital flows and asset markets work
