The Most Fundamental Signals Emerge Only in Illiquidity -An 'Emerging Market'

When an asset is illiquid, you can say anything — the market doesn’t push back.

Sharp observation on data degradation when capital controls distort transmission. The 70% drop in S&P sensitivity to China PMI makes sense when global capital can’t freely arbitrage the signal. It’s basically the opposite of efficient market theory, the information exists but…