"A rough diamond is pure potential and pure risk, " writes Hart.

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But my best guess is that someone on that risk free arbitrage desk moved from risk free pure arbitrage into very definitely not risk free time arbitrage, or speculation as we should call it, then the market moved against his bet.

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The lenders thus give up a potentially high pure equity return, but have less risk.

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This is a very low risk trade in terms of pure dollars.

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They could remain ideologically pure by bringing down their own government and so risk empowering the Left, or they could recognize that governance is the art of compromise, keep a stiff upper lip and work from within the government to mitigate the strategic damage that in their view Shamir and Netanyahu caused by bowing to American pressure.

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It is risk adjusted returns which are important, not pure returns.

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