Over the past two years, bonds have lost almost 15% and stocks have barely gained 5%, whipsawing investors along the way. That’s what markets do.
As a result, financial firms are pile-driving their clients into assets that have no market. Over the past two years, investors bought an astonishing $878.9 billion in so-called Regulation D private offerings of debt and equity that don’t trade, according to SLCG Economic Consulting, a research firm in McLean, Va.
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