If something about an large, established industry you don't know all that well seems bizarre and counter intuitive and you think you know better, a good first s

If something about an large, established industry you don't know all that well seems bizarre and counter intuitive and you think you know better, a good first step is to reexamine your assumptions and seek real data. In this case, you should look into aggregate losses in first and second lien lending to PE-sponsored LBOs over the past couple cycles. It's almost certainly a lot lower than you think.