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Life’s not fair - sounds like there’s some participation trophy phenomenon leaking into credit markets (ego-driven? “I want the bulk of the returns just for showing up”). It’s confounding that people haven’t grasped that “fair” doesn’t necessarily mean “equal”. In this case, “fair” means the rewards match the contributions/risk taken on. On the bright side, I imagine that crowd will be pushed out at some point as more nimble investors with a co-operative disposition and sensible judgement of “fair” fills the gap.

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