A mix of desperate need and marketing. It takes a willing suspension of disbelief to think that institutions the size of #Blackrock or #Vanguard actually manage money. To all practical purposes they are barges down a river, they depend on the current. (/)
https://twitter.com/dlacalle_IA/status/1610206007568777216
As long as markets are reasonably favorable, that is not readily apparent. Amazingly, even events like 2022, with BOTH bonds and stocks falling more or less equally, are not a problem. That changes if one of two things happen:(/)
1. Bonds tank while equities lose small change:
2. For some reasons savers get rid of intermediaries and invest directly.
Both flavors of #MIFID work against 2. I won't even wonder if that's collateral damage or it was by design. (/)
2. For some reasons savers get rid of intermediaries and invest directly.
Both flavors of #MIFID work against 2. I won't even wonder if that's collateral damage or it was by design. (/)
The point is, these managers are too big to handle. It's allwell and good slicing and dicing the entire amount and show selected parts, which is what all multifund outfits do. Trying to find liquidity at that scale means you only have one counterparty: governments. (/)
So, why not advertise a "#FED Pivot"? If the FED doesn't and clients lose, it's the fed's fault. And if they do, you "added a valuable contribution to policy". @INArteCarloDoss @jeuasommenulle @jbhearn @degiorgiod @tyillc @AlessandroPonz4 @pietercleppe @eshow1969 @darioperkins
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