# Eric Peters - 2022-2023
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## oct 2022
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- argument in favour Trend-following in 2023-25
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Novelties III: “But the issue of course, is that the risk in the system has been transferred from banks to asset managers,” he said. “And asset managers do not have flexible balance sheets.” In an industry that has grown to be dominated by passive, long-only products, asset managers simply buy assets when they get inflows and sell assets when they get outflows. They do not have the ability to expand their balance sheets when assets are being sold at distressed prices. No such mechanism exists. “In today’s system, the shock absorber is the asset price.”
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# Parents
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* Eric Peters - T&M⏎