The equity ETF market is generally more liquid than the bond market, and during periods of volatility, the ETF infrastructure has handled trading effectively, unlike mutual funds that face redemption pressures.

We need to discuss the liquidity of the market, especially regarding ETFs, and the ongoing debate between inflation and deflation.

As a portfolio manager in the ETF space, I focus solely on investment decisions without worrying about flows, unlike in mutual funds where redemptions can complicate management.

Despite market volatility, the ETF industry has managed well, and I have confidence in our strategies and the team behind me.

The future of early-stage fundraising will likely continue to focus on liquidity, with tokens providing instant liquidity compared to traditional equity investments. The trend towards faster liquidity in startup investments is accompanied by an increase in secondary trading and more equity secondaries being executed in startups.

Liquidity has a surprisingly strong network effect; as more people use stablecoins, liquidity deepens and spreads tighten, making it easier to switch between stablecoins without losing value.

Investing in a low-cost ETF is one of the best pieces of advice for young people. It allows you to participate in the market without the high fees associated with day trading, which most people lose money on.

During the 2008-2009 financial crisis, the velocity of money slowed down as people became risk-averse, which prevented monetary easing from igniting inflation.

Once interest rates began to rise again, many investors who had entered the startup space during ZIRP exited quickly, leaving behind a volatile market.