No. of Recommendations: 13
Makes me wonder about Brookfield and Oaktree.
If what those silly insurers are using for regulatory assets no longer make the cut, a lot of those assets will come up for sale. It will be hard to find buyers of that mountain of stuff with only second-tier ratings.
That makes me think that the smartest folks in the room might do very well indeed, picking up from forced sellers. A lot of the underlying notes might be dubious, but there is a price for everything, and Oaktree probably knows it better than most. Of course, you can't buy Oaktree shares.
Jim
