as far as I can see the business model looks stuffed long term
*they pay distributions out of capital which is bit of a shocker
*they have incredible amounts of debt and this is used to raise ROE
*the fees are way to high and no fund in its right mind would want Mac running the show
*there is incentive to overpay for assets as this leads to more fees
*the funds are always going to the market to raise capital
this report shows that the business model is not sustainable as far as I can see
Michael West hasn't said anything that is not in the report as far as I can see
m. west article, page-6
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