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Chris Davis - A Multifaceted Perspective on Financial Services

Value Investing with Legends

CHAPTER

Pandemic Exclusion

I think insurers have that uncertainty that can create chaos when there is a big loss, where it's spread across an industry and all f those businesses want o collaxed. But you're right about a deeper issue, which is, do we create a sort of environment of moral hazard? If people feel like every time i lend money to a high risk sub prime borrower, if something goes wrong, the government is going to send them a cheqk so they can continue to make their credit card payments? I think that that did in some ways happen in this rment. We expected far greater consumer losses, and think, as citizens, it would be better for those losses to have been

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