Thank you for saying this. In all honesty, the leverage loan (and thereby CLO) issues we are seeing now aren't really an issue of complexity. It's really an iss

Thank you for saying this. In all honesty, the leverage loan (and thereby CLO) issues we are seeing now aren't really an issue of complexity. It's really an issue of how underwriting standards are deteriorating as more and more parties compete for these leverage loan deals to put into their CLOs. Companies can also fall into the trap of, "well I'm able to raise debt at these terms so I should be able to afford it." I will admit that complex securitization structures can obfuscate this risk, but the underlying financial risk comes from the cyclical properties of the collateral asset class (i.e. the credit cycle), not from the structure itself.