In short, what we are faced with is a situation where there is increasing leverage among market intermediaries in order to earn high returns off of assets with
low unlevered returns.
Not exact matches
Listen to Warren Buffett (pages 12 - 16, but he comments elsewhere on the cost of capital and the inability to compete on an
unlevered basis because of
low rates.
Those are
unlevered stock returns (remember, bonds and other
lower producing assets made up part of Berkshire's asset base which
lowered returns on assets).