Michael Howell, managing director at CrossBorder Capital, believes that liquidity is the ultimate force driving global markets. In this interview with Ed Harrison, Howell argues that liquidity, debt, and asset prices are interlocked in a predictable cyclical relationship that he calls “the debt-liquidity spiral.” Although – as its name suggests – this cycle results in higher debt levels and risk, it isn’t inherently bearish for equities. Together, Howell and Harrison discuss where we are currently in this cycle and why it has him bullish on the Euro, equities, gold, and bitcoin, but bearish on bonds and the Dollar. They also discuss the effects of the U.S. decoupling from China on a handful of assets and why it will likely continue under a Biden administration. Filmed on November 10, 2020. Key Learnings: Howell’s liquidity models have him cautiously bullish on equities — more specifically, his models are indicating that they are nowhere near bubble territory and haven’t been since 2000. His models also point towards a lower Dollar, higher Euro, 2% yields on the U.S. 10-Year in 2021, and gold and bitcoin at $2,500 and $25,000 respectively.