The funny thing about a CDS is that it’s like buying fire insurance on someone else’s home. Wonder what that does to your incentives 🤔

In traditional insurance, you typically have an “insurable interest”, meaning you’re buying fire insurance on the place YOU live in

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I need to draw a new mental map now... 🙂

Hopefully I'm worth more alive than any swaps that may have been put (pulled? taken?) on me...

This is a great analogy.