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Tong's Portfolio
Stock valuation is also determined by its trading liquidity
Aside from the macro implications, liquidity is also an important factor behind individual share price movements and valuations.
September 11, 2020
Tong's Portfolio
Excessive unproductive liquidity causes irrational speculation in stock markets
The reality is that, while earnings and cash flow determine stock prices in the long run, short-term prices are driven by demand and supply.
July 17, 2020