PT  - JOURNAL ARTICLE
AU  - Robert A. Jaeger
TI  - Market Liquidity: <em>Don’t Know What You’ve Got ‘Til</em>
               <br/> 
               <em>It’s Gone</em>
DP  - 2011 Mar 20
TA  - Trading
PG  - 14--18
VI  - 2011
IP  - 1
4099  - http://guides.pm-research.com/content/2011/1/14.short
4100  - http://guides.pm-research.com/content/2011/1/14.full
AB  - The author discusses the lessons the global financial crisis taught about the precious but fragile liquidity of capital markets. Debunking myths about long-term investors’ liquidity needs and the role of hedge funds and high-frequency traders in supplying liquidity, the author argues that the most important source of liquidity is unleveraged contrarian investors who are willing to take the other side of a trade. He warns that the growing homogenization and concentration of market participants may be endangering the investor diversity and robust market infrastructure needed to preserve reliable sources of liquidity.