Investors can find value if they pick and mix
Why all financial entities, including hedge funds, must be regulated
UNTIL RECENTLY, MOST of us thought financial debt was simply interposed between final borrowers and lenders, and of minor significance in itself. Thus the $2.7 trillion of mortgages (at September 2008 – down from the $3 trillion peak a year earlier) held in vehicles that had issued asset-backed securities were 20% of the 109% of GDP that is financial sector debt.
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