The Importance of Time Stamping Your Track Record

In early 2018, we exited all out RMS about $400 million with bonds. I was convinced because house prices were falling and reasver rising that RMS spreads would have to increase. Another example is when APRA announced a policy for the banks last year,. They would basically force them to issue like hundreds of potentially over $100 billion of barlingable subordinated bonds. And they've been obliterated. In any stress event, they got no liquidity and in stress events, they tend to behave badly as in perform pulling.