And It’s Gone! The Fed Has Obliterated Price Discovery

“they have also kindled two dangerous ideas: that fiscal deficits don’t matter, and that no matter how much debt is outstanding, we can effortlessly, safely, and reliably pile on more.”

Crucially, Klarman warns that:

“The market’s usual role in price discovery has effectively been suspended.”

 

 

 

https://www.zerohedge.com/markets/price-discovery-has-simply-vanished-bauposts-klarman-blasts-800lb-gorilla-fed-dangerously