The Institutional Risk Analyst

Many of the startups, investment flows and SPAC transactions that proliferated in 2020-2021 are likely to be casualties in the next several

Collateralized lending in the US was essentially impossible outside of banks from 1925 through the mid-1970s...

We think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.

The SEC has finally decided to do the unthinkable, namely repudiate the admittedly fanciful idea of liquidity on demand at par.

The Fed’s chief concern is keeping the Treasury debt market open and functional. Liquidity includes cash and risk-free collateral...