Glove Counters

Tong's Portfolio

Stock valuation is also determined by its trading liquidity

Aside from the macro implications, liquidity is also an important factor behind individual share price movements and valuations.

Tong's Portfolio

Excessive unproductive liquidity causes irrational speculation in stock markets

The reality is that, while earnings and cash flow determine stock prices in the long run, short-term prices are driven by demand and supply.