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Credit Market Cracks? My Volatility Trade Plan for MS
The number that stuck with me this week wasn't the SPX hitting another high. It was this: in one Cliffwater fund, investors tried to pull out 14% of the assets and only got 7% back. That’s a gate. And when financial giants like Morgan Stanley and Cliffwater start limiting withdrawals from their corporate lending funds, my old market-maker instincts...
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