The IMF released a chapter of their April 2015 Global Financial Stability Report “The Asset Management Industry and Financial Stability”. We read this with interest and dismay. On the one hand, the authors make valid points about risk transmission in the plain vanilla asset management industry, a number of which we have heard before. On the other hand, we thought this was crazy: at what point is no asset safe enough in the eyes of regulators for a regular investor? The chapter does not answer this question, and that’s a missing link.