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I just added more risk to my e-fund because it is my fall back position if something causes the deal to go south. As such I should look at the return on both the invested money and the reserver money and decide if the deal still makes sense.

Good point, and agreed. As it takes a very long time for me to amass an e-fund capable of reserving against a $8000 loss, in one sense I should compare the opportunity to make $100 against the liability of the lost reserve. As I would pay myself $100 to have $8k of on-demand liquidity in my e-fund (vs. a month or six months out, whichever), it's not worth it to me.
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