Reported Metrics Favor What Can Be Counted, Not What Matters
The stock loan market is full of numbers that look authoritative precisely because they are measurable. Short interest, utilization, and rebate levels are all easy to report, compare, and chart.
What is harder to capture - and therefore often ignored - are conditions like recall likelihood, inventory stability, and lender behavior under stress. These factors shape real outcomes, yet remain largely invisible in published data.
The most important signals in stock lending are often qualitative long before they become quantitative.
