Impossible marks, cars edition
Daily Data: No demand at then prevailing prices, means then prevailing prices were fake
Apologies—a little late today. Some other obligations intervened.
In today’s dispatch:
high asset prices meet the reality of higher interest rates, this time with cars
no sales, prices high! yes sales, prices low
cheaper cars are on the way
so much wealth creation . . . with an implied illiquidity premium that goes uncounted
