TY - JOUR T1 - Market Liquidity: <em>Don’t Know What You’ve Got ‘Til</em> <br/> <em>It’s Gone</em> JF - Trading SP - 14 LP - 18 VL - 2011 IS - 1 AU - Robert A. Jaeger Y1 - 2011/03/20 UR - http://guides.pm-research.com/content/2011/1/14.abstract N2 - 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. ER -