Stocks surged following the release of U.S. Consumer Price Index data for October, a softer-than-expected print taken as a sure sign inflation is on the downslope. But all Andy Constan sees is another “false dawn.” Andy, now the CEO of Damped Spring and a veteran of both Salomon Brothers and Bridgewater Associates, says markets face significant headwinds because of quantitative tightening. He joins Andreas Steno Larsen to talk about the main drivers of financial asset prices right now – contracting liquidity, risk premia, and positioning, among others – and to share his “Framework 101” for building portfolios and generating alpha. Recorded on November 16, 2022.