Ann: Update - Notification of buy-back - KAR, page-25

Thanks for the reply, but that is just plain illogical.

Buying a risky financial asset (KAR) to lend it out for an few percentage points is just not sensible. And it's not done. For crying out loud, the volatility of an equity, particularly a commodity equity with the history of KAR to lend out is insane. Hedge Funds are smarter than the average punter and the risk/return trade off taking into account volatility versus the few percent of fees is financial lunacy.

The large equity owners, like industry super funds, lend it out for an incremental return over and above their equity return. They bought it because they expect it to go up.