In the February/March issue of TJ my comment focused on the allocation of risk, and my belief that it should be dealt with by the party best able to manage it, rather than a party financially big enough to take it, should the worst case scenario occur and everything goes to the wall!
Maybe I was being slightly idealistic, or in truth, a bit naïve, as several of our correspondents on this issue have pointed out. But one, in particular, stood out, and that was from our friend Bill Grose, which I have lifted heavily from in the next few paragraphs – with his permission of course!