Key Takeaways Traders intuitively grasp liquidity better than models. Liquidity informs price; it is a leading indicator. We study: Morgan Stanley & Co. LLC Mark T Schmidt, CFA July 13, 2026 09:00 AM GMT Municipal Strategy | North America M Idea A Trader's Almanac We dig into liquidity – the area where traders' expertise adds the most alpha. We study liquidity by sector, maturity, coupon and state. We quantify trade less eval, estimate effective bid-ask, analyze trends in traded spreads, and estimate total ...