The Future of Credit Based Equity Investing

The US is just such a unique market in terms of who's participating in the market. Japan, the vast majority of common people, you know, common Japanese don't trade stocks for a very good reason. Stocks didn't go up for 30 years. That's why they all own JGBs. They all own bonds, which meant that valuation stayed lower. When you actually had these credit based shorting catalysts, they actually worked because stocks actually went down when you had these massive dilutive events. But post crisis, it's hard to maintain that belief. The more they dilute, the more RCL, the more CCL goes up. So I look, I'm