Takeaway: A year ago MPW pumped up levered returns / spreads in response to our initial short report, owing to a declining cost of capital - Oops!

Guess what? The trend there has been garbage, too! And that trend started WELL BEFORE the company lost its cost of capital last year. 

We also find it interesting that the negative break in trend corresponded to roughly when MPW started going headlong into "mutually assured destruction" with Steward Health. Coincidence? We think not... more likely good money chasing after bad, just to keep the lights on. 

BONUS CHART: $MPW'S Levered Returns Also Garbage  - Capture10