NBER conferences are by invitation. Poor intermediary health coincides with low asset prices and high risk premia, but it is unclear how much fluctuations in intermediaries' health matter for aggregate asset prices rather than simply being correlated with aggregate risk aversion. Haddad and Muir argue that relative predictability of more vs less intermediated asset classes by intermediary health allows to quantify how much variation in risk premia they can ascribe to intermediaries. Intermediary health should matter relatively more for assets that households are less willing to hold directly, whereas frictionless aggregate risk aversion should, if anything, exhibit the opposite pattern. The researchers provide direct empirical evidence that this is the case and hence argue that intermediaries matter for a number of key asset classes including CDS, commodities, sovereign bonds, and FX.