A central theme in Howell’s analysis is the assertion that liquidity flows have become crucial in understanding the modern financial landscape. In recent years, particularly since the global financial crisis, the nature of capital investment has evolved. Interest rates, which historically served as a critical indicator of capital allocation, have... See more

Financial markets do not create ‘efficiency’ in the economic sense of always being corrected priced, rather they provide ‘liquidity’ in an uncertain World and because of this they are inherently cyclical. The liquidity view argues that asset prices are determined by the capacity of financial sector balance sheets, Central Bank injections of cash

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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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