Its a big flowchart of who has capital and who needs it. Corporate (loans, bonds, equity) and retail (credit cards, auto, student, mortgage loans, deposits) on one side; banks, mutual funds, CEFs, BDCs, hedge funds, pensions/endowments, 401k on the other side
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til of the existence of things called "CEFs" and "BDCs" i guess i vaguely remember CEFs from my series 7
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Replying to @_Dave__White_ @drewg__
It’s very simple when you think about it https://www.newyorkfed.org/medialibrary/media/research/economists/adrian/1306adri_map.pdf …
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Replying to @ONAN_OUS @_Dave__White_
i knew this was going to be the Zoltan diagram before i even clicked the link lol, was not disappointed
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someone went viral being like, man ISIS and Fetty Wap really ran things summer of 2015, but in a just world you could go viral saying man Zoltan really ran things Q3-4 2019
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Hao is a zoomer he speaks a different language
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how about just that diagram though? zoltan?
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he's a macro strat at credit suisse and probably one of three people i trust to not say insane things about the repo market. he made a really good companion slide deck for that diagram that makes it a lot easier to understand: https://www.financialresearch.gov/working-papers/files/OFRwp2014-04_Pozsar_ShadowBankingTheMoneyView_Attachment.pdf …
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how the financial system works!! exactly what i was looking for is there a recording of this talk i wonder?
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not that i have on hand unfortunately but he did appear twice on odd lots, both are essential listening IMO: https://open.spotify.com/episode/3S2yt4L6imKBKP7rXHUWyx?si=e4a808e510af4713 …https://open.spotify.com/episode/0R2S50kCs7EoCWupwotgm7?si=2c4d9fa340bf45fb …
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yeah he speaks about as clearly as you can on this stuff given that the subject matter can be pretty complex and/or unintuitive at times
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amazing! thank you!
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