Some Market Liquidity is Imaginary

A recent article by Bloomberg columnist Mohamed El-Erian warns investors to take a cautionary—and macro—view of a market that has “grown too comfortable and too complacent operating in the ample liquidity pumped in by years of unconventional central bank policies.” El-Erian highlights the example of the recent demise of the Woodford Equity Income Fund (managed by UK-based Neil Woodford) due to a “mismatch between the desire of its investors to withdraw their capital and the… Read More