[hhmc]

If you can consistently make more than 10% you don’t need to hamstring yourself with this terrible deal, you can just get investment on typical terms.

[stavros]

If I can consistently make 30%, this terrible deal will make me 20%, whereas the typical terms of management fees will make me 5%.

[swexbe]

If you can consistently make 30%, a bank loan will make you 24%.

[stavros]

Fair point. I don't know why BlackRock did it, then.