agree with most of your points but my niggling concern is line...

agree with most of your points but my niggling concern is line of sight between the broker channel writing the loan and end customer

moral hazard


I see AXL has gone off the boards and a raft of equipment finance businesses look a bit challenged this point in the cycle

I'm wary of through the cycle loss ratios and during the GFC the business did not own Wolfstrike so the book is different

interested in your thoughts