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16:55
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Originally posted by AmWatchingYou:
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They have a lot of sub-IG debt and property market has some big issues. Stories of US property investors handing keys back to banks for non-recourse loans is not an isolated event IMO. CGF has always had a higher return relative to the risk they say they aren't taking. And they get super defensive about it which is such a red flag. Level 3 asset valuations are a black box. Most of us have been around the block enough to know that higher return means higher risk. And when listed valuations divert so much from private valuations, I'd back the listed market every day. Not that simple IMO. Best to stay well away from this ... wouldn't be surprised if it tests new lows. So many business models are being up ended with an extremely inverted yield curve.
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Which has higher risk? Two instruments which are identically structured and both issued within 12 months of each other.
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