"Why the hell has CGF been battered substantially more than any other financial? Does it have an exposure to SVB?"
Doesn't need to have direct exposure to any failed/failing bank to be battered.
It's financial derivative business, so it is subject to a bit of a "Shoot Now; Ask Questions Later" response from the market when the market becomes unsettled.
But even at a fundamental level, in essence, CGF business can be described as "debt capital market arbitraging", so when bond yields tumble (as they have done over the past several days) it is impossible to model what that volatility means for CGF's earnings.
So its a black box business that no one really understands.
Hence, "Shoot Now; Ask Questions Later".
(For my sins, I have assumed the counter-party position by buying the stock today. Black box, though it is.)
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CGF Price at posting:
$6.47 Sentiment: None Disclosure: Held
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