The expanding pool of private capital…
… from largely the same sources as its public counterparts…
… and with roughly the same uses (if the below thesis is correct, for which there is some precedent to support)…
… implies a relative advantage to the private option in the current state of things…
… and makes one wonder what.
If not liquidity (as the public option has much more) and not efficiency (as public prices that are set are current and precise)…
… maybe both those things that used to be disadvantageous are now benefits.
When cash is ample all around, mark-to-market economics is more fun and arbitrary…
… and can do wonders for the long tail with the top as reference point.
