In today’s briefing:
- LDI – Leveraged and Dangerously Illiquid?
LDI – Leveraged and Dangerously Illiquid?
- The recent panic in the LDI market has received a lot of coverage, some of it breathless and designed to promote a short narrative, but much of it calm and authoritative – and generally pointing out the broader issues.
- As with previous commentary on things like Covid, we are not setting ourselves out to be experts on LDI investing, rather we are reading what the experts are saying, and adapting our narrative accordingly, rather than trying to shoe-horn the events into our pre-existing viewpoint.
- We thus continue to recommend the articles in the FT on markets (it’s just their opinion writers we tend to disagree with), even though they are behind a paywall.
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