Though it’s not clear that their “risk-on” assets are actually risky, it’s certainly weird that they haven’t built up more equity. Between interest they earn on

Though it’s not clear that their “risk-on” assets are actually risky, it’s certainly weird that they haven’t built up more equity. Between interest they earn on short term treasuries, and being able to arbitrage periodic seller panics, a normal non-scammy strategy should be able to generate healthy profits.