HMM. I wouldn’t go so far as to say there are funding phases — but I’ll have to say that your comment certainly made me pause. I … am not sure I’d say that this is entirely predictable.
I’ll be getting to the capital cycle soon, which is somewhat similar to this in the sense that there are periods where returns on invested capital just stink, but it’s driven by a different phenomenon. If you want a preview, my source is really Marathon Asset Management‘s Capital Returns.
I’ll create a new topic to deal with this, so everyone can contribute.