insane similarities. operating companies reliant on mnav prem and long term debt issuance to fuel asset purchases in a reflexive cycle, sought to buy scarce assets, pundits (fisher) defending trusts as support for asset valuations because they made access easier and broadened TAM, insistence on ability to buy back shares at discount if situation arises (*ineffective when liquidity across the ecosystem vanishes and selling pressure dominates*) - didn't collapse because of fraud or lack of oversight, collapsed because of their own success in creating systemic reliance (>500 vehicles at peak) on long term leverage & nav premiums, amplifying the market downturn & in many cases wiping out common equity holdings.