This is a super interesting point, and I’m completely unsure what it should imply for what I actually do, especially since returns are uncertain and prepaying at a discount under possible bankruptcy / extinction risk at an uncertain rate is hard—all of which (probably unfortunately) means I’m just going to keep doing the naive thing I’ve done so far.
This is a super interesting point, and I’m completely unsure what it should imply for what I actually do, especially since returns are uncertain and prepaying at a discount under possible bankruptcy / extinction risk at an uncertain rate is hard—all of which (probably unfortunately) means I’m just going to keep doing the naive thing I’ve done so far.