The Importance of Pricing Hybrids

For the best part of 10 years, I was running a campaign against the banks to get them to deleverage their balance sheet. In 27 hours, the most negative public analyst on Ozzy Housing said, the hash price is going to fall 10%. No one else had that view at the start of 2017. Do I think retail investors should invest in hybrids? No. But frankly, I would say that they're easier to price than direct equities. The most complex asset with the most uncertain cash flows is any direct equity where you have a tech stock or a small cap or a mid cap or even a bank.