For about half a decade early in my reporting career, I covered financial markets. I used to think I understood something of how bond, stock, foreign-exchange and money-markets worked.
But I'm at a loss to explain the dichotomy in the financing options most auto-parts makers face.
The stock market loves parts suppliers. Those companies' stock prices have been on a roll for a year. New or additional stock offerings get gobbled up by eager investors.
But banks, broadly speaking, won't lend to suppliers. Banks still treat suppliers as toxic, an attitude that's just beginning to ease.
Why the split?