Investing is said to involve climbing a wall of worry… so where will the next crisis come from? A good place to look for clues is the Fed’s twice-yearly Financial Stability Report.

The latest report highlights risks at banks, money-market funds and commercial real estate, but will they really cause the next crash?

And in today’s Dumb Question of the Week: Surely low liquidity just means the price is too high?

Selected links

Financial Stability Report, May 2023

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What Will Cause The Next Market Crash?

Many Happy Returns

What Will Cause The Next Market Crash?