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Economictheory predicts that markets clear on price. This means that supply is equal todemand in equilibrium. If new information arrives about asset values, demandand supply should change simultaneously to arrive at the new price. Thisimplies a more or less constant level of “inventory”, or assets on the marketwaiting for buyers. Why, then do we tend to see lower inventories in risingmarkets and higher inventories in falling markets?
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