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      "body": "![DB HF ETF 1.jpg](https://steemitimages.com/DQmWZ6aoPuP9XTAWJ4RAa7WPEdDdZCczgG9rYqz7Tp5r5LX/DB%20HF%20ETF%201.jpg)\nIn the previous article we focus on some of the potential implications of the growing popularity of ETFs under the notion that they are better than the good old mutual fund simply because ETFs can be traded throughout the trading day. This is somewhat a true liquidity to the traders and ETF holders, but perhaps not so for the market makers.\n\nOne of the challenges or perhaps opportunities for market makers is that there will always be an period of arbitration every single trading day in that the NAV (net asset value) is only calculated at the end of day while public market trading happens throughout the trading days. By law, these makers can creation and/or redeem something called creation units to balance the price back to market equilibrium. So essentially, this lag in the real price discovery between the ETF's NAV and underlying assets is an arbitrary opportunity, which implies ETF market aren't all the liquid after all. This has even more implication on the bond ETFs as their NAV cannot be easily calculated on a daily basis versus the equity-based ETFs. Bond ETF accounts for ~35-40% of the total ETF market of $1.40-$1.70 trillion USD.\n\n\n\n\nImagine a situation in which ETF holders decide to sell ETFs at a price throughout the day that's way lower than the NAV, which is calculated at the end each trading day, these authorized market participants are then liable for the difference. If the selling persist for the next few days, liquidity, in which supply/sellers meet the demand/buyers, will dry us with no price discovery mechanism in place and/or these market makers are not willingly/simply cannot shoulder any more liabilities, the ETF market will come to a halt. Price discovery is important to kickstart to the supply and demand of the equity market.\n\nBack in 2008, when buyers (who want to acquire equity with their cash reserves but aren't sure the price to enter into the market) and sellers (who want to sell at whatever price the market will give them) came to a halt given the confusion going on in the market, hence price discovery essentially came to a halt. The US Department of Treasury then set up the Public-Private Investment Program (PPIP) to kickstart the price discovery on mortgage securities and therefore demand in the market. This program is still not widely known and reported by the media to this day.\n\nPPIP shows that market might venture into a state in which there is no equilibrium if demand (buyer buying at lower equity price) and seller (seller selling at a price higher than the buyer's demand) therefore causing liquidity to dry up. The arbitrary and illiquid nature of ETFs for market makers (somewhat liquid for investors in good times) might essentially create something similar in which the government has to step in the facilitate and kickstart price discovery in the market.\n\nLiquidity in the market is good and plentiful when the times are good, but the arbitrary and illiquid nature of ETFs for market makers, not investors, has yet to be tested in challenge periods. All silver bullet appears brilliant at first until it is. Collateralized Debt Obligation (CDO) boomed in popularity by a magnitude of 10x in a matter of a few years before the crisis until it isn't brilliant soon after. Who knows if the popularity of the ETF is the real silver bullet of the decade preceding the Great Recession.\n\nhttps://www.linkedin.com/pulse/implication-price-discovery-etf-hedge-illiquid-us-treasurys-hsiang/",
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      "title": "The Rising Popularity of Debt Financing for Startups",
      "body": "Debt financing has been a popular way of financing for late-stage startups in recently years. Just give Crunchbase a browse and you will notice an increasing # of debt financing for Series C and onward financing rounds. The traditional financing model for any startup since the beginning is built on raising equity instead of debt, debt raised in the later rounds of financing. It should be clear that I am not referring to convertible debt in this situation as these are usually raised in the pre-seed round from friends and families and are usually substantially < $250k. For generations, almost every religion has inveighed against debt, with some seeking outright bans and others strongly urging followers to \"neither a borrower nor a lender be\", and perhaps with good reason. On a personal level, having spent 10+ years in Asia before, the general population's mentality is to buy and sell everything and even operate companies with cash instead of taking on credit/debt. There are definitely good reasons for this mentality but I think it's worth examining the light and dark side of debt financing.\n\nAccess to capital is the paramount concern of emerging growth companies. First and foremost, a startup must secure the proper amount of capital; too little and it may fail to thrive, too much and it may become bloated and unable to grow efficiently. Cost is critical as well—many an entrepreneur and investor have built successful companies only to find that the fruits of their labor have been diluted significantly along the way. That said, there is no denying that the decision of whether to borrow money, and if so how much to borrow, has become a critical part of running a medium-late stage startup.\n\nOperational and Ownership Opportunities and Challenges\n\n-- Tax Benefits: One of the most commonly known benefits of raising debt is is the tax benefit associated with it as interest expenses are tax deductible while cash flow from businesses are not. Even though the cost of borrowing for a loan package might be 7%, the true cost of borrowing this might be at 5% given the interest expense deduction.\n\n-- Team Discipline Management: Having debt on the company's balance sheet will make the management team more disciplined in choosing smart solid projects given the liabilities. However, it should be well-noted this is only applicable to medium-late stage startups given the stability of their cash flow and revenue base. Taking on debt as an early-stage startup (any financing rounds before Series B) should never be considered within the context of this point because it will drastically slow down the process of launching products and product features that needs to reach some level of market validation and adoption.\n\n-- Bankruptcy Cost: The likelihood of bankruptcy cost increases when a company or startup starts to add debt on their balance sheet provided that debt holders have the first right of access to capital in the case of liquidation. Taking on too much debt early on in the financing process might also impede a startup's ability to raise future rounds because at the end of the day, it's increasing the riskiness level of a venture capital's investment.\n\n-- Interest Rate: I think another reason for the recent popularity of debt financing is the lower cost of debt capital provided by the current macro environment. Even though the cost of debt for startups is lower in general, it is still hovering ~7-15% range, which makes logical sense, given the banks and debt investors have to be properly compensated for the risks they are taking for evaluating a business without any substantial assets and stable cash flow.\n\n-- Equity: Startups will be able to achieve more progress and/or increase the likelihood of hitting certain milestones set by the VC's and management team before the next valuation round, without adding much, if any, dilution to the current ownership structure.\n\nOverall, I am big proponent of debt financing for medium-late stage startups as it adds more structure and discipline for any future product, product feature and team investment decisions along with the ability to retain ownership and tax benefits. But it is ill-advised to take on debt (not convertible debt) as an early-stage startup because often times than not, it impedes the ability of a team to invest, grow and ultimately reach market validation and adoption.\n\n![AAEAAQAAAAAAAArGAAAAJDM3YzI1ZDI4LWRlMjgtNGM1Ni04ZjMzLTAxNjQzN2VmZTg1NQ.jpg](https://steemitimages.com/DQmT9uR7JmruMEpEmgdtxGCnTpnSmCDDx1PRW8PREykaASY/AAEAAQAAAAAAAArGAAAAJDM3YzI1ZDI4LWRlMjgtNGM1Ni04ZjMzLTAxNjQzN2VmZTg1NQ.jpg)",
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