I have been almost singularly focused on the energy space for the last 4 years based on this massive market distortion. So although I see the absurdity in these restrictions, it has been a windfall for us. Probably the easiest case study is the US drillers - Noble, Diamond, valaris. All three filed for Ch 11 in summer of 2020 and were completely abandoned by insstitutional investors. Diamond had $2 billion of bonds that were trading at 10% shortly after the CH 11 filings. that is $1.8 billion of value destruction just in the debt: we bought that company at a value of $200 million and today it trades at $1.7 billion. That type of dislocation would not have been possible without the technicals that ESG created. And it is not healthy, really, our profits notwithstanding.

[Post edited by nyhoo at 01/15/2024 1:03PM]