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This is a very interesting chart when you consider it in the context of cost of capital for the levered long "Activists" out there in the US market place; particularly those who rely heavily on “buying stock on swap”.

As the leverage cycle rolls over alongside the economic cycle, access to capital will continue to tighten. This will lead to some mega blowups in the land of levered long hedge funds.

Keep your eyes on this developing "Trend”.
KM