[erikpukinskis]

A risk is a bond you sell yourself.

I would argue the issuance of the bond and the separate market for holding risk is key.

Developing a market is key to being able to fund smaller and smaller client segments. This is what I talked about above... with a single origin of corporate ownership there is an upper bound on the number of managers. You need to separate into two markets to meet the entire demand. It's just a matter of graph traversal distances. N corporate boards cannot manage N^2 managers.

But N^2/10 agents can manage N^2 managers. And they take 25%.