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  "documentTitle": "AerCap Holdings (AER)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2015-04-07 00:00:00",
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  "notes": "The slide highlights how Solvency II regulations create a capital charge that incentivizes insurers to favor sovereign debt over riskier assets like equities.",
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      "text": "Under Solvency II, the impact would be an additional capital charge of over 1 billion euros.",
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      "text": "You can see how Solvency II practically forces companies to hold sovereign debt. We think this is the best explanation for the persistence of negative interest rates in bonds with duration.",
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      "text": "Under Solvency II, the impact would be an additional capital charge of over 1 billion euros. To compensate, the insurer could sell other riskier assets - in this case almost its entire equity portfolio - or it could raise fresh equity by selling stock.",
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      "text": "Asset class - rating - duration | Euro (bn) portfolio | Solvency II all-in charge | Capital charge",
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