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Originally Posted by oldjudge
So let me get this straight: Someone is making essentially a risk free loan (unless the sportscard market absolutely craters) at LIBOR +6-8%. Sounds like a good business to me. You have storage and insurance expenses and have to make sure that the SMRs are not overstated. Other than that seems pretty lucrative.
Jay
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Pretty lucrative, I agree—even more lucrative at PWCC’s rates. As someone who understands financial turbulence for a living, I would argue there’s nothing risk-free about it.