If Coventry League starts questioning practices of management or, even worse, is short a company’s securities, then it’s often a harbinger of things to come.  Please reference Coventry League (and its predecessor)’s shorts of Enron and Lehman.  We didn’t even make an effort to buy-to-close, and simply held through bankruptcy and elimination of the securities.

That said, if the following charts prepared by Mary Meeker in the document titled USA, Inc. were attributable to a company, rest assured Coventry League would be heavily short, albeit hedged.  In this case, the charts relate to a sovereign nation, which has unique alternatives versus a corporation – namely the ability to print money and create revenues (taxation).  Using these abilities to any meaningful extent exacerbates the problems, however. 

So, without further ado, please engage yourself with the referenced charts above and in the source file (or at Mish's blog) – but do so while on a ground floor office suite.