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Jack Crooks: A self-feeding loop of confusion...

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Posted by Jack Crooks - Black Swan Capital

on Wednesday, 08 February 2012 08:23

I think by most conventional measures, used by most professional investors, European Central Bank Chief Mario Draghi has been a success. He has bolstered the returns for equity funds considerably since his decision to utilize a three-year term, instead of one year, in the ECB recent liquidity injection to European banks.
 
The fact is I missed the trees for the forest on this, and it has hurt. Failing to understand this lending-which reduced stigma associated with 1-year terms and better matched the funding needs of banks, led to more participation than expected. This in turn created a classic self-reinforcing positive feedback loop for asset prices:



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