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Can you explain how pooling--via an intermediary, e.g.-- can be used to create liquidity: how does pooling allow intermediaries to issue liquid claims on themselves

Can you explain how pooling--via an intermediary, e.g.-- can be used to create liquidity: how does pooling allow intermediaries to issue liquid claims on themselves and use the money raised to hold illiquid assets? Can you include the law of large numbers in your explanation?

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