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Warnings bells for banks robbing the world go hand in glove tretch, no conspiracy required. I think the message is obviously consistent without having to be a crazy crank.

Evaluate the performance of any funding via Libors and a lending premium (ANZ recently was 175bps over Libor). Paying a risk premium higher than 300bps puts you into sovereign debt territory. The bigger the name, the more secure the rating, the cheaper the lending.

3% p.a. is corporate debt interest, and given a shareholder can represent an open checkbook with no security down it is important to know how capital raisings affect future performance.

You soon realise that the premiums being paid by shareholders to companies for raising capital makes more than a small industry and 'can be' a major impediment to companies not savvy to watching their development.

If it didn't apply to 90% of the equity market, I would have no reason to make up such crazy talk. Take it or leave it.