An an engaging illustration from The Wall Street Journal 's Justin Baer of how close the financial system came to serious dysfunction in mid March. Among other things, this points to two themes that I've been stressing for the last few years and that, won't go away any time soon: - The extent to which the system has over-promised liquidity to end users; and - How risk has morphed and migrated since the 2008 global financial crisis. https://lnkd.in/g49Hgnh #economyslowdown #markets #wallstreet #wsj #investing #bonds #stocks #equities #stockmarket #liquidity #investmentmanagement #fed #assetallocation #volatility #interestrates #interestrates #federalreserve #financialsystem #finance …see more