One of the main exam strategies available to the struggling pupil is to pepper an essay with long words, giving complex names to simple ideas. Are you proposing to consider both sides of an argument, or are you viewing the problem through the lens of Hegelian dialecticism? You might be struggling with your English exam – but will your teacher really know whether you understand your own casual deconstructive observation that “il n’y a pas de hors-texte”? Probably not. And if I were fortunate enough to be sitting my own GCSEs again, I would probably see whether I could throw in a few references to “Unitranches”. The only problem would be that everyone else would be doing the same thing.
Although the term has been used to describe finance offerings in one way or another for almost a decade (albeit only latterly in Europe, to any significant extent), it enjoyed a surge in popularity during the first half of 2013, when we scarcely spent a week without hearing the term used or reading an article around it. Overuse of a term, of course, strips it of any real meaning; there is no need for a fancy new name for a capital structure that involves just a single layer of debt. We could call it, for example, a “loan”. But is there anything really going on here? Is the term ever used to denote something meaningful? Yes, it is – and properly used, it in fact signifies something that is the model of simplicity.
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