Want to create an interactive transcript for this episode?
Podcast: Excess Returns
Episode: Interview: Liquidity Cascades with Corey Hoffstein
Description: It has been said that the most dangerous words in investing are "this time is different". But sometimes a confluence of factors come together to significantly change the character of the market. In the best research paper we have read this year, Corey Hoffstein argues this is one of those times. In this interview, we go through all the details of Corey's argument and how they fit together to form a very compelling argument that this time might in fact be different.Â
We discuss:Â
- Why the "moneyness" of markets has greatly increased the interdependence be...