Week 3 of 12 (V2) THE ILLUSION OF CERTAINTY Series: The Liquidity Mirage: Why Investors Mistake Transaction Volume For Exit Probability By Arindam Bose | BeEstates Intelligence | Investor Psychology | JULY 2026 ⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡⬡ We're Still Dancing In July 2007, the chief executive of one of the world's largest banks sat for an interview with the Financial Times and, without quite meaning to, wrote the epitaph for an entire era of credit markets. Asked whether his bank would pull back from the leveraged buyout boom that was consuming Wall Street, he explained that as long as the music kept playing in terms of liquidity, everyone had no choice but to keep dancing. He closed with three words that would outlive his career: "We're still dancing." Six weeks later, the music stopped. Not gradually. Not with warning. Within days, the market for asset-backed commercial paper simply ceased to exist. Positions that had traded ...