Josh Wolfe, co-founder of Lux Capital, joins Real Vision co-founder Raoul Pal to discuss liquidity risk in the equity and venture capital markets. Wolfe talks about the giant structural risks facing the credit markets in general - fingering the inevitable downgrade of investment grade debt as the major reason a liquidity event might shock markets into recession. This clip is excerpted from a video published on Real Vision on July 24, 2019 entitled, "What Will a Recession do to Venture Capital?"