Your estimation of me is so off, it's kinda funny...
You did get one thing right, though: I do live in London. However, since I have actually stated this explicitly in earlier posts, you get no points for that.
Firstly, no need for insults... Secondly, I didn't say whether you want these groups. I was referring to your ancestors. Let me give you a couple of examples of how much they wanted those groups, "because they're the most like us":
So they clearly had issues with the Jews, the Irish, the...
Yeah, interestingly enough people have been saying this about Catholics from Italy and Ireland, Jews from continental Europe, the Chinese etc etc. Anyone got a problem with the descendants of the Irish and Italian immigrants in the US nowadays?
It's just that this sorta thing is normally associated with a spiral into distress. Once you PIK, you're not very likely to come back to normality. That means that there are lots of devils in details and everything is on a case-by-case basis. Needless to say, this isn't good for turnover...
Well, normal bonds aren't really traded on exchanges, per se... But these PIK bonds are definitely not traded like normal bonds, to the best of my knowledge.
You wanna trade them AND you want to be able to short them... I am sorry to be a bearer of bad news, but this is a little bit of a tall order, to put it mildly.
That seagull... Jeez!
But apart from the numbers, I actually found the last part of what Matt Levine wrote very thoughtful. Prior to him mentioning it, I haven't considered Ackman's VRX adventure as a particularly painful case of "mandate drift".