By Odil Musaev Managing Director of Investment Banking boutique Alkes Research in tashkent Since the start of the ‘new economy’ era, the 21st century, the financial markets in the developed economies have undergone multiple evolution cycles, eventually maturing to the point of efficient ‘easy money’ financial capital allocation for market participants. This has resulted in decreased cost of capital as the available capital became abundant, accompanied by increasing yield competition among financial instruments, leading investors to engage in search-for-yield to maximise their returns. The incr…