...Why should you care? Well, that depends on who you are. For markets, this is a perpetual liquidity drain. The Saudis are no longer net exporters of capital, which means the country is noa drag on global liquidity rather than a boon. That's a fancy way of saying this: the SAMA drain is just QE in reverse. When SAMA falls, it amounts to monetary tightening. The same is true of selling by other SWFs which, as we documented earlier this month, may be set to extract up to a half trillion from global equity markets in 2016.