On collateral upgrades
Jeff Penney·April 2026
·2 min
Upgrading collateral is ordinary business and usually sound. What is not sound is running the trade for years on documents nobody has re-read since the first one was signed.
Recording it here because the failure is never the trade. It is the paperwork the trade outgrew.
Notes are not revised after publication. Where one is overtaken by events, a later note says so rather than the earlier one changing.