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Views on non-Normal markets [28]

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Bullet points include: Also implicit in: The venture capital industry’s business model of raising debt against future revenue streams. Most types of hedge funds. Tranched products or the equivalent, e.g. Collateralised Debt Obligations, SIVs, ... Many other types of structured products, ... Closely linked to the ‘beta’ of an investment or a portfolio, i.e. the sensitivity of its market movements to index movements. Borrowing can become problematic in a stressed situation: Will the required borrowing actually be available and will it need to be rolled regularly? When might roll-over of the borrowing become impractical, imperilling operation?

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