By the spring of 2021, the hunt was on for something better. I became fascinated with Ray Dalio’s well-publicized AWP (see our original article for its details), and gradually began assembling it.

Also, AWP's NII per share has been in a decline from $0.16 a share to $0.09 a share in 2023. We are not able to analyze the reasons for this decline, but it looks a bit concerning.