Are we just one teeny, tiny part of a very large bubble? https://twitter.com/BloombergBrief/status/782918990016421889 …
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We have since 80s created excess credit that moved demand forward and smashed risk premia down. 1/2
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Academia assumes 'insatiable appetites'; this is irrational. Only time and write downs will fix this 2/2
End of conversation
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