The Ethical Long: Cycles and Capital Formation Since August 11th/12th, I began writing thoughts to capture my mental model around identifying inefficient capital allocation in crypto assets, and the market forces that drive positioning on the margin – which I believe is under-recognized today due to what has been a prog... See more

total global liquidity has historically risen and

fallen in these predictable tides of around 5 years this cycle is determined by the average five to six year debt maturity profile that you've spoken about the lows of each cycle nearly always coincide as you've said with some kind of financial crisis and central banks always step in to provide more

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