Despite my seemingly panglossian 'cautiously optimistic' post last week, I am still very much worried that we are hitting the end of this cycle. I'll tell you why below. But, let me add just a few notes on style first! In keeping with 'the Credit Writedowns style' for 2020, this post will be brief. Also, it's outside the paywall. Since I intend to write more, every fourth or fifth post is going outside the paywall. That way, people get a sense of what's on offer.