It's just the beginning for Spenda!, page-156

You really have no idea, do you? Bankers must take a long term view and will want to be convinced of the sustainability. Accessorily, they also want to know there is nothing untoward so they will question the sum and dump from last year. More expensive money does not care as much, and they will look for strong security from SPX, and disregard to some extent any questions about the future success of the business. That's the way it works. No one is an idiot. Just different business models and it is important investors understand what is possible / not possible. Just like you are punting on this stock, and I am not calling you an idiot event though I don't understand the unwavering optimism. Just different risk appetite.