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What is Liquidity? (Part IX) (The Aleph Blog)

A terribly important piece. I learned a lot.

The basic principle of liquidity of an asset is that it must be able to (more or less) retain its value if the asset needs to be sold. What many people (myself included) often forget is that the actual liquidity of an asset depends a whole lot on the environment as well.

The growing U.S. deficit raises questions about funding as China cuts U.S. debt holdings (CNBC)

This may be the start of something. But I certainly didn’t expect it to be JPY.

How Property Developer’s Discount Affect the Appeal of New Launches Versus Resale Private Properties (Investment Moats)

Good read on some of the inner workings of the property market in Singapore.