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To Clarify, Main Street Is Not Wall Street

After all the destructive policies we have seen coming out of the Eccles Building, it may be time to ask Fed Chairman Jerome Powell, “Do you even know what the economy is?” All the easing and stimulus has taken us to a place we could call Bubbleville. It has bolstered asset prices and speculation but done little to help Main Street or generate a strong economy. This destructive force was unleashed long before Covid-19 came into the picture and hanging our economic misfortunes on the pandemic may sound reasonable but is far from accurate.History shows that misguided financial policies often end in a crisis, in this case, it is likely to play out in massive inflation. Milton Friedman knew a bit about this, he said; The government benefits the first from new money creation, massively increases its imbalances, and blames inflation on the last recipients of the new money created, savers and the private sector, so it “solves” the inflation created by the government by taxing citizens again. Inflation is taxation without legislation.

https://www.youtube.com/watch?v=PeIeFUJ9EY

A comical Progressive Insurance commercial has a smooth-faced fella going on about his beard and apologizing for how he looks. Finally, a coworker asks him, “Jamie, do you even know what a beard is?” Over the months we have watched Fed Chairman Jerome Powell time and time again cut rates and increase the Fed’s balance sheet. This has hurt savers, forced investors into risky investments in search of yield, damaged the dollar, encouraged politicians to spend like drunken sailors, and increased inequality.

…click on the above link to read the rest of the article…

bruce wilds, advancing time blog, jerome powell, fed, us federal reserve, bubble, financial policies, fed balance sheet, inflation, taxation, inequality

Mission Accomplished: Fed Officially Blows The Biggest Ever Bubble

July 31, 2020

Mission Accomplished: Fed Officially Blows The Biggest Ever Bubble

Mission Accomplished:

Stocks managed gains on the month (4th month in a row) – Nasdaq best, Dow worst…

Source: Bloomberg

And note that despite the epic surge in the mega tech stocks overnight… Yes, that is AAPL up 10%!! (GOOGL -4%)…MSFT managed to rally back to unch after rumors of it buying TikTok…

Apple is up $170BN today, more than the market cap of Oracle, more than the GDP of Hungary; Apple’s value increase today would be the 33rd biggest company in the S&P500.

Nasdaq was not a one-way street today as CNBC stunningly remarked “nasdaq has now gone negative which is quite interesting…”

And you have to laugh at this – The Dow scraped by today… as AAPL’s insane squeeze higher dominated the rest of the entire index…

Source: Bloomberg

but that will change when AAPL splits.

BUT, it was in currency, commodity, credit, and crypto land that the real fun and games took place.

Bonds were bid pretty much all month with the long-end notably outperforming…

Source: Bloomberg

… and pushing to new record low yields…

Source: Bloomberg

Some highlights:

2Y Treasury yields fell for the 8th month in a row
30Y Treasury yields fell for the 5th month this year
2s30s Curve flattened by the most since August 2019

Source: Bloomberg

Still a long way down for stocks if bonds are right…

Source: Bloomberg

Gold and silver screamed higher on the month.

Silver’s best month since 1979 (when the Hunt Brothers tried to corner the market)
Gold’s best month since 2011

Spot Gold reached a new record above Sept 2011 and Futures topped $2000…

Source: Bloomberg

Silver’s at its highest since June 2013…

Source: Bloomberg

Oil’s up for the 3rd month in a row, but has largely trod water all month…

Source: Bloomberg

…click on the above link to read the rest of the article…

Weekly Commentary: Bubble Meets Pandemic Consequences

June 6, 2020

Weekly Commentary: Bubble Meets Pandemic Consequences

For posterity, some numbers: Over the past three weeks (14 sessions), the S&P500 gained 11.5%. The KBW Bank Index surged 36.1%, with the NYSE Financials up 23.9%. The Dow Transports rose 27.2% in 14 sessions, with the Bloomberg Americas Airlines Index up 75.8%.

Over this period, the broader market significantly outperformed the S&P500. The small cap Russell 2000 jumped 19.9% and the S&P400 Midcaps 21.1%. The Philadelphia Oil Services Index surged 50.0%. The Homebuilders (XHB) jumped 26.2% and the Bloomberg REIT index rose 22.5%. The average stock (Value Line Arithmetic Index) surged 25.3% in three weeks.

Over three weeks, United Airlines rose 113%, American Airlines 106%, Norwegian Cruise Line 105%, Royal Caribbean Cruises 85%, CIT Group 86%, Delta Air Lines 78%, Simon Property Group 73%, L Brands 72%, Boeing 71%, Carnival Corp 68%, Macy’s 68%, Alaska Air Group 67%, Kimco Realty 66%, Gap 62%, and Southwest Airlines 60%.

The Nasdaq Composite rose 8.9% over the past three weeks to close this week at all-time highs. The Semiconductors jumped 17.8% to end Friday at record highs. The Nasdaq100 (NDX) gained 7.3% in three weeks to new highs.

June 5 – Bloomberg (Sarah Ponczek): “The latest U.S. jobs report will go down in history as the data that shocked economists. And the market. Forecasts for a drop of 7.5 million in payrolls were met with the reality of a 2.5 million increase in May, supporting the view that the world’s largest economy may be more resilient than previously thought. A stock market already up 40% in a record period of time rallied further, with particular pockets going haywire. From a blowup in the momentum factor trade to a surge in small-cap shares, here’s a sample of what was happening under the equity market’s surface Friday. The momentum factor, which in essence bets that the recent winners will keep on winning, got pummeled Friday. At its lows, a Dow Jones market neutral momentum portfolio that goes long the highest momentum stocks and shorts those with the least momentum dropped 9% — the worst day since at least 2002.”

…click on the above link to read the rest of the article…

Overpriced Stocks May Be Bubble Ready to Pop

May 17, 2020

Overpriced Stocks May Be Bubble Ready to Pop

Even if local and state governments hadn’t shut down businesses in attempts to mitigate the coronavirus, the U.S. economy was still set up to take on a number of economic challenges.

But now, there’s one additional challenge being considered by billionaire David Tepper: over-inflated stock prices:

Billionaire hedge fund investor David Tepper told CNBC on Wednesday the stock market is one of the most overpriced he’s ever seen, only behind 1999. His comments sent stocks to a session low… He also said some Big Tech stocks like Amazon, Facebook and Alphabet may be “fully valued.”

If we take Mr. Tepper’s concern at face value, the U.S. could be on the verge of another major stock bubble explosion.

He did add that he thought stocks were even more overvalued in 1999, but of course time will tell if that ends up being true.

Tepper also had words of warning on the Fed’s recent infusion of liquidity into the markets, saying, “The market is pretty high and the Fed has put a lot of money in here… There’s been different misallocation of capital in the markets… The market is by anybody’s standard pretty full.”

If the market is “pretty full,” then good fundamentals can’t be in play. Another CNBC piece reinforced this observation by comparing 30 million unemployment claims to the still-rallying stock market:

Stocks, though, are rallying in the face of historically awful economic numbers, in a bet on higher profit margins and an aggressive recovery that seems increasingly risky.

At some point, profits and other business fundamentals have to justify a company’s stock price. Media hype alone can’t cut it for the long term.

This chart from the same CNBC article further reinforces the idea that fundamentals are not yet factored into stock prices:

…click on the above link to read the rest of the article…

They’re All High on Fed Fairy Dust

May 1, 2020

They’re All High on Fed Fairy Dust

Everybody realizes the US economy is in a bad spot. But most people still seem to believe it will bounce right back once we deal with the coronavirus.

They’re all high on Federal Reserve fairy dust.

US GDP contracted by 4.8% in the first quarter. It was the first negative GDP reading since a 1.1% decline in the first quarter of 2014 and it was the lowest level since the 8.4% plunge in Q4 of 2008.

And the worst is yet to come.

The Q1 GDP number only captures the first couple of weeks of coronavirus-inspired government lockdowns of the economy. In fact, in January Donald Trump and others were telling us that it was the best economy in the history of the world. That was also in the first quarter.

The first-quarter GDP print came in even worse than expected. Economists were projecting a contraction of 3.5 to 4%. The precipitous and rapid plunge in economic activity not only reflects the impacts of turning off the economy in the midst of coronavirus; it also reveals just how fragile the economy was before the pandemic.

Back in January, President Trump called it the greatest economy in history. Trump continued to talk up the economy during the State of the Union address, taking credit for the “strong” economic growth. At the time, Peter Schiff said nobody should be taking credit for the condition of the US economy. In fact, economic growth wasn’t much different than it was when Obama was president.

The only difference is we had to borrow even more money to achieve the same level of fake GDP growth that we did under Obama. The reality is nobody should be taking credit for the current US economy. The question is who deserves the blame?”

…click on the above link to read the rest of the article…

Doug Noland: There’s No New Bubble Coming To Save Us

March 22, 2020

Doug Noland: There’s No New Bubble Coming To Save Us

In this week’s Credit Bubble Bulletin, Doug Noland points out the ominous truth that the world’s governments have run out of new financial bubbles to inflate.

The result, as John Rubino sums up perfectly, “This time is different, in a very bad way.”

Here’s an excerpt from the much longer article, that should be read in its entirety:

Please Don’t Completely Destroy…

I’ve been dreading this. In the midst of all the policy responses to the collapse of the mortgage finance Bubble, I recall writing something to the effect: “I understand we can’t allow the system to collapse, but please don’t inflate another Bubble.” It was obvious early on that policymakers had every intention to reflate Bubbles.

There was a failure to grasp the most critical lessons from that terrible boom and bust episode: Aggressive monetary stimulus foments market distortions, while promoting risk-taking, leveraged speculation and latent risk intermediation dysfunction. Years of deranged finance ensured unprecedented economic imbalances and deep structural impairment. There was no predicting a global pandemic. Yet today’s acute financial and economic fragility – and the risk of financial collapse – are directly traceable to years of negligent monetary management.

I have to adjust my message for this post-Bubble backdrop: I understand we can’t allow the system to collapse, but Please Don’t Completely Destroy the Soundness of Central Bank Credit and Government Debt. Does anyone realize what’s at stake?

I don’t see another Bubble on the horizon. Each reflationary Bubble must be greater in scope than the last. Mortgage finance was used for post-“tech” Bubble reflation. Policymakers unleashed the “global government finance Bubble” during post-mortgage finance Bubble reflation. Massive international inflation of central bank Credit and sovereign debt went to the heart of global finance – the very foundation of “money” and Credit.

…click on the above link to read the rest of the article…

No, The Fed Will Not “Save the Market”–Here’s Why

February 24, 2020

No, The Fed Will Not “Save the Market”–Here’s Why

The greater the excesses, speculative euphoria and moral hazard, the greater the reversal.

A very convenient conviction is rising in the panicked financial netherworld that the Federal Reserve and its fellow dark lords will “save the market” from COVID-19 collapse. They won’t.

I already explained why in The Fed Has Created a Monster Bubble It Can No Longer Control (February 16, 2020) but it bears repeating.

Contrary to naive expectations, the Fed’s primary job isn’t inflating stock market and housing bubbles, though punters are forgiven for assuming that, given the Fed has inflated three gargantuan bubbles in a row, each of which burst (1999-2000, 2007-08 and now 2019-2020).

The Fed’s real job is protecting the banking/financial sector from a richly deserved and long overdue implosion. Blowing speculative asset bubbles is a two-fer, enabling rapacious, parasitic financiers and banks to profit from debt-serfs borrowing and gambling in rigged casinos (take your pick: student loan casino, housing casino, stock market casino, commodities casino, currency casino, etc.).

Blowing guaranteed-to-burst bubbles also generates a bogus PR cover, the Fed’s beloved “wealth effect,” an idiots’ delight belief that the greater the speculative bubble, the more tax donkeys and debt serfs will spend, spend, spend on defective junk and low-value services they don’t need–in essence, speeding up the global supply chain from China et al. to the local landfill, all in service of Corporate America profits.

The Fed’s secondary interest is maintaining some measure of control over the financial sector and the real-world economy it ruthlessly exploits. Just as the Fed gets panicky if interest rates start getting away from its control, the Fed also gets nervous when its speculative bubbles get away from it via infinite moral hazard:

…click on the above link to read the rest of the article…

When Bubbles Pop, Only the First Sellers Escape Being Bagholders

February 21, 2020

When Bubbles Pop, Only the First Sellers Escape Being Bagholders

Hapless bagholders have two options: buy the dip and be destroyed, or hang on hoping for a reversal and be destroyed.

One often overlooked characteristic of the current stock market bubble is the extremely small exit for sellers trying to avoid becoming hapless bagholders. Bubbles always present small exits because once sentiment turns, buyers vanish and so price goes over the waterfall and crashes on the rocks below (accompanied by the screams of all the punters who reckoned they’d exit at the top).

But modern markets have characteristics which have diminished the exit to a tiny hole in the wall. These include:

1. The dominance of index funds. When shares of the index are sold, every constituent stock gets sold. This triggers cascades of selling that overwhelm “buy the dip” buying.

2. Computers do most of the trading, and the algorithms are set to follow trends with extreme ferocity. Once the trend is “sell,” the program selling will self-reinforce the cascade.

3. Central banks have generated a mesmerizing moral-hazard propaganda field that implicitly suggests “we’ll never stocks go down again, ever!” Yet the only way central banks can causally intervene is to buy stocks directly in size, i.e. in the trillions of dollars. (Recall U.S. stocks are around $35 trillion, global stock markets about $85 trillion. Yes, buying futures contracts through proxies works in stable markets, but not so much in panic cascades of selling.)

Beneath the illusory stability, modern markets are extremely illiquid, meaning that when the bubble pops and punters/money managers try to sell, there are no buyers at any price.

…click on the above link to read the rest of the article…

The Violent Collision of Market Fantasy and Viral Reality

February 14, 2020

The Violent Collision of Market Fantasy and Viral Reality

When the stampede tumbles off the cliff, buyers vanish and markets go bidless.

The shock wave unleashed in China on January 23 is about to hit the U.S. economy and shatter everything that is fragile and fantasy, starting with the U.S. stock market. The shock wave is still reverberating through the vulnerable Chinese economy, toppling all that is fragile: auto sales, sales of empty flats in Ghost Cities, shadow banking loans that cannot be paid, workers’ wages that won’t be paid, businesses that won’t re-open, supply chains dependent on marginal enterprises and most saliently, the faith of the people in their hubris-soaked, self-serving leadership.

The fantasy in the U.S. is that the shock wave doesn’t exist. Since the shock wave has been hurtling with undimmed force toward the shores of all-mighty American complacency beneath the Pacific, unseen, America’s laughable fantasy has spread through the thundering stampede triggered by the fools in the Federal Reserve in early October.

Not only is America’s economy invulnerable, so is its stock market. This fantasy has fueled a blow-off-top bubble of such classic proportions that even the fools in the Fed recognize it as a bubble. And even the fools in the Fed know blow-off-top bubbles always burst, and with rough symmetry: if the bubble rocketed higher in six weeks, it will crash to Earth in about six weeks.

If we look at the Fed’s balance sheet, we can discern the Fed fools’ implicit attempt to engineer a “soft landing,” i.e. stocks will remain at a permanently high plateau.The Fed balance sheet has gone nowhere for six weeks while the stampede in stocks gathered momentum:12/25/19 $4.165 trillion

1/1/20 $4.173 trillion
1/8/20 $4.149 trillion
1/15/20 $4.175 trillion
1/22/20 $4.145 trillion
1/29/20 $4.151 trillion
2/5/20 $4.166 trillion

…click on the above link to read the rest of the article…

Prelude to Crisis

February 5, 2020

Prelude to Crisis

“The Federal Reserve is running the risk of fomenting an eventual financial crisis by easing banking regulations at the same time that it’s cut interest rates…say some former Fed officials, including ex-Vice Chairman Alan Blinder and financial stability experts Daniel Tarullo and Nellie Liang.”
– Bloomberg article on December 17^th, 2019

______________________________________________________________________________________________________

INTRODUCTION

When we published the first edition of our Bubble 3.0 series in December 2017, the S&P 500 had ballooned to then-record-highs. Most pundits at the time turned a blind eye to some of the more concerning aspects of the market, and our view of a pending implosion was very much in the minority. Fast-forwarding a few quarters, and several corners of the market that looked unstoppable in late-2017 did in fact collapse. The poster child for the flushing out that we forewarned about was Bitcoin, whose price fell from nearly $20,000 to just over $3,000 in less than twelve months.

But the fringe investment that gained incredible steam at the end of 2017 wasn’t the only corner of the market to melt down in less than a year. The S&P 500 also fell by almost 20% toward the end of 2018, teetering on the cusp of – and barely avoiding – the first bear market in nearly a decade.

It was at this point that we encouraged readers to begin methodically accumulating shares of high-quality companies. As most market observers are aware, the US stock market reversed course soon after, breaking through several key resistance points and reaching new highs time and time again over the course of the last twelve months. This happened despite escalating conflict in the Middle East, ballooning corporate and sovereign debt, the impeachment of President Donald Trump, global fears of a widespread coronavirus outbreak, and deepening tensions amongst some of the world’s most influential and well-armed superpowers.

…click on the above link to read the rest of the article…

Negative Rates, The Destruction Of Money. Sweden Ends Its Experiment.

December 24, 2019

Negative Rates, The Destruction Of Money. Sweden Ends Its Experiment.

Negative rates are the destruction of money, an economic aberration based on the mistakes of many central banks and some of their economists who start from a wrong diagnosis: the idea that economic agents do not take more credit or invest more because they choose to save too much and therefore saving must be penalized to stimulate the economy. Excuse the bluntness, but it is a ludicrous idea.

Inflation and growth are not low due to excess savings, but because of excess debt, perpetuating overcapacity with low rates and high liquidity and zombifying the economy by subsidizing the low productivity and highly indebted sectors and penalizing high productivity with rising and confiscatory taxation.

Historical evidence of negative rates shows that they do not help reduce debt, they incentivize it, they do not strengthen the credit capacity of families, because the prices of non-replicable assets (real estate, etc.) skyrocket because of monetary excess, and the lower cost of debt does not compensate for the greater risk.

Investment and credit growth are not subdued because economic agents are ignorant or saving too much, but because they don’t have amnesia. Families and businesses are more cautious in their investment and spending decisions because they perceive, correctly, that the reality of the economy they see each day does not correspond to the cost and the quantity of money.

It is completely incorrect to think that families and businesses are not investing or spending. They are only spending less than what central planners would want. However, that is not a mistake from the private sector side, but a typical case of central planners’ misguided estimates, that come from using 2001-2007 as “base case” of investment and credit demand instead of what those years really were: a bubble.

…click on the above link to read the rest of the article…

It’s Beginning to Look a lot Like…

December 23, 2019

IT’S BEGINNING TO LOOK A LOT LIKE…

A BUBBLE!

As the markets grind higher into the year-end the look of what is happening is becoming clear. The Fed is inflating a bubble. Valuation on the S&P is approaching 19x which is up from ~14-15x a year ago. Valuation isn’t a great tool for timing however when multiple expansion is accepted by the market it should be respected. Sentiment a year ago was 4% on the Daily Sentiment Charts and 3% on the CNN Fear and Greed Index and today both are extreme. They have been elevated to an extreme for the last few months and as I’ve said: “sentiment is a condition and one must have a trigger to turn after an extreme reading.” A year ago in December, I counted 240 downside DeMark buy Countdown 13’s within the S&P and there are only upside sell Countdowns triggering daily. I couldn’t be more cautious at this point just as I couldn’t have been more bullish exactly a year ago.

I’ve recently written about how sellers are unmotivated (as they always sell lower), and how the US-China trade watered-down deal is a sell the news event, and then how this market reminds me of a musical chairs market. I recently spoke at a wealth management conference and the overwhelming thing I heard was how they wanted to get into 2020 to sell. We might start to sell a little selling starting with $41bn of 5-yr notes being issued on 12/24 and $32bn 7yr notes on 12/26. This will take away some of the Fed’s liquidity that has caused this bubble. At the end of the month, there will also be pension rebalancing with a rotation out of stocks into bonds. Considering the lack of liquidity it could spook some people headed into the new year.

…click on the above link to read the rest of the article…

Dalio & Tudor Jones Warn: “We Will Kill Each Other” If Our Broken Economic System Isn’t Fixed

December 1, 2019

Dalio & Tudor Jones Warn: “We Will Kill Each Other” If Our Broken Economic System Isn’t Fixed

Two hedge fund icons – Bridgewater founder Ray Dalio and Paul Tudor Jones – joined Yahoo Finance for the 2nd annual Greenwich Investment Forum earlier this month. Speaking directly after Connecticut Gov. New Lamont, with whom Dalio is working to bolster Connecticut’s schools via a $100 million gift – the largest charitable gift the state has ever received, PTJ and Dalio focused their “Fireside Chat” on the flaws of Fed policy, the dangers of America’s ballooning budget deficit, and the steps that must be take to “stop us from killing each other” in a violent revolution, as Dalio warned.

PTJ spoke first, starting with a few words about President Trump, praising him as “the greatest salesman” to ever enter the American political arena. After all, didn’t Trump convince the Republican Party – once the party of fiscal piety – that 5% budget deficits 10 years into an economic rebound are necessary to protect the economy. Similarly, didn’t he also convince the Fed – “through great moral suasion” – that returning to real negative rates with unemployment at 50-year lows was a necessity?

Both Dalio and PTJ agree that, while clearly stimulative in the short-term (obviously just take a look at the S&P 500), these decisions will set up the US economy for one of the most punishing downturns in history, which is why PTJ always laughs when Jerome Powell is quizzed about financial conditions and whether he sees bubbles anywhere. Because at this point, the whole market is a bubble.

“Clearly, the low interest rate policy we’re pursuing is creating an excess and that excess is in our public deficits. Which, at the current pace, in less than ten years we will have exceeded the threshold where Greece had its issues,” PTJ said.

…click on the above link to read the rest of the article…

Is The ‘Mother of all Bubbles’ About to Pop?

November 11, 2019

Is The ‘Mother of all Bubbles’ About to Pop?

When the New York Federal Reserve began pumping billions of dollars a day into the repurchasing (repo) markets (the market banks use to make short-term loans to each other) in September, they said this would only be necessary for a few weeks. Yet, last Wednesday, almost two months after the Fed’s initial intervention, the New York Federal Reserve pumped 62.5 billion dollars into the repo market.

The New York Fed continues these emergency interventions to ensure “cash shortages” among banks don’t ever again cause interest rates for overnight loans to rise to over 10 percent, well above the Fed’s target rate.

The Federal Reserve’s bailout operations have increased its balance sheet by over 200 billion dollars since September. Investment advisor Michael Pento describes the Fed’s recent actions as Quantitative Easing (QE) “on steroids.”

One cause of the repo market’s sudden cash shortage was the large amount of debt instruments issued by the Treasury Department in late summer and early fall. Banks used resources they would normally devote to private sector lending and overnight loans to purchase these Treasury securities. This scenario will likely keep recurring as the Treasury Department will have to continue issuing new debt instruments to finance continuing increases in in government spending.

Even though the federal deficit is already over one trillion dollars (and growing), President Trump and Congress have no interest in cutting spending, especially in an election year. Should he win reelection, President Trump is unlikely to reverse course and champion fiscal restraint. Instead, he will likely take his victory as a sign that the people support big federal budgets and huge deficits. None of the leading Democratic candidates are even pretending to care about the deficit. Instead they are proposing increasing spending by trillions on new government programs.

…click on the above link to read the rest of the article…

“Goodbye Asset Inflation” – Marc Faber Fears Funding Chaos Contagion From Repo Markets

October 27, 2019

“Goodbye Asset Inflation” – Marc Faber Fears Funding Chaos Contagion From Repo Markets

Faber wrote in his Monthly Market Commentary for October, under the title : THE THREAT TO ACADEMIC FREEDOM AND TO THE RIGHT TO FREEDOM OF OPINION IS A MENACE TO LIBERTY,

The historian Niall Ferguson recently wrote an article entitled: A message to all professional thinkers – we either hang together or we hang separately.

Ferguson explained that:

“In every case, the pattern is the same. An academic deemed to be conservative gets ‘called out.’
The Twitter mob piles on.
Mindless mainstream media outlets amplify the story.
The relevant authorities capitulate” and get rid of the academic…
A month rarely passes without some conservative academic being taken down.”

The French philosopher and best-selling author, Alain Finkielkraut who is a member of the Academie Francaise, recently said that, far-left protests against him mean he “can no longer show my face” on the street.

The “threat to academic freedom” is at the same time an assault on “freedom of speech” and “expression,” and therefore, should concern all of us.

Under Trouble in the US financial Wonderland we discuss the funding chaos in the repo market.

Several experts have downplayed the recent chaotic behaviour but I take it far more seriously because it indicates to me that liquidity has become tight – at least for some market players.

Should a widespread liquidity crunch follow – “good bye asset inflation” and welcome “widespread asset deflation” as well as QE4.

September 24, 2019, was most likely the beginning of the end of the Unicorn bubble as well as for the trend to allocate pension assets to private equity managers. There may be some liquidity problems at some private equity firms.

…click on the above link to read the rest of the article…

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