Compensation & Incentives

“Incentive structures work, so you have to be very careful about what you incent people to do because various incentive structures create all sorts of consequences which you can’t anticipate.”

This note is about the role of compensation & incentives. Specifically, those structured by the Federal Reserve & how they seem to be veering far from the mark.

Liquidity, Funding & the Gathering Storm

I tend to think about coverage of “Liquidity and the Funding Market” in the same way as “Child Stars of the 90s and the Eurotrash Nightclub Scene”. If they’re making headlines these days, it’s not because things are going well for Liquidity; it’s because they’ve been discovered face-down in a miasmic pool of ever-deepening turpitude & even their best friends are starting to get really, REALLY worried…

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