A mainland car owner says a bunch of kids climbed all over his Ferrari, scratching up the paint badly. It's been a month and he's stuck trying to get their parents to pay up. One parent asked, 'Why didn't you park such an expensive car in a garage? Bet it's rented.'
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Citi analysts nailed it.
What if retail investors fleeing these funds are actually selling at the top? And the BDC holders everyone called dumb money are the real smart ones?
Their warning: calm is fake. The next stress hits sudden, not gradual. Non-linear.
Surface look
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