ôEquity can be a bit thick. It doesnÆt understand whatÆs going on in the credit space,ö is the way leading CLSA commentator Christopher Woods explained the paradox at the recent Hong Kong CLSA Forum.
It increasingly looks as if Woods is right, and heÆs not the only one to think that it is absurd to believe that one form of capital won't impact another form of capital. After all, they are both forms of money. And bad...
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