A mainland car owner says a group of kids climbed all over his Ferrari, leaving deep scratches in the paint. A month later, he's still struggling to get the parents to pay up. One parent even said, 'Why didn't you park such an expensive car in a garage? Bet it's rented.'
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Two Citi analysts nailed it.
What if the retail crowd fleeing right now is selling at the peak, and the 'dumb money' in BDCs is actually the smartest in the room?
Their warning: don't be fooled by the calm. The next hit won't be gradual. It'll be sudden. Non-linear.
Sur