Twenty of our loans were paid off and closed out this year, which means twenty times we found out whether we had been right about something nine months earlier. In lending, being extra right pays nothing. Only being wrong costs anything. I want to spend this quarter's letter on a claim I think is under-argued, and then show you my own numbers against it. I. The Asymmetry Nobody Built For Start with the shape of the instrument. If you own equity in a project and the property f