The Repo crisis tells us a lot about current markets: Liquidity is much lower than estimated and leverage is much higher.

CCC meltdown pic.twitter.com/D42GGPaijX

— Win Smart, CFA (@WinfieldSmart) December 10, 2019

Corporate credit to GDP pic.twitter.com/gkISFXG2XE

— Win Smart, CFA (@WinfieldSmart) December 10, 2019

Spot on again @dlacalle_IA and this game of liquidity wac-a-mole can only go on so far until it pops out for good exposing the fragilities of these new forms of inherent leverage that keep getting embedded in the system. Before it was leverage that did us in, now it will be both. https://t.co/rJrl4YaZ9a

— George Goncalves (@bondstrategist) December 10, 2019

https://twitter.com/GregMannarino/status/1204487120481439744

pic.twitter.com/bL4QpglrFS

— M/1_LP (@MI_Investments) December 10, 2019