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  "notes": "The line chart highlights specific crisis periods (GFC, COVID-19) and an upward trend in cash/assets in 2023.",
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      "kind": "callout",
      "text": "Opportunity cost of cash leading to some liquidity build?",
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      "text": "GLOBAL M&A VOLUME BY DEAL TYPE, 2017 – 2023 ($BN)",
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      "text": "S&P 500 CASH / ASSETS¹",
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      "text": "Cash / Assets: 6.1%",
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      "text": "Source: Dealogic’ Monthly volumes and YTD volumes as of 12/31/2023; J.P. Morgan Corporate Finance Advisory; Bloomberg, FactSet as of 10/31/2023; Members as of 12/31 of a given year end ; reflects median. Note: ¹ Excludes Financials",
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      "kind": "title",
      "text": "In contrast, Corporates have positioned themselves well with large cash balance sheets",
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