I'm not "missing anything".
The big end of town making these decisions don't necessarily carry the same and appropriate risk as the exisiting shareholder...
1/ It's not their - the insto's (personal) cash. It's the money of the fund holders... (moral hazard no.1)
2/ Yes they are given an opportunity in CR -but without paying for the appropriate risk: They offload this on exisiting holders..(moral hazard No.2).
3/ Not to mention all the other moral hazards of directors/BOD'S making decisions within companies...(without holding the same equivalent financial risk as the shareholder)...
In all three examples the decision makers get to take risks (on the one hand) without necessarily personally paying for any adverse result (on the other)...
ALL IMHO, non specific comments and NA.
My thoughts on AHZ, page-144
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