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“A mortgage has two valuable options–a prepayment option and a default option. The lender is short both of those options, which explains why MBS ought to have a higher rate than Treasuries.”
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“A crisis of liqudity means that you have assets, but cannot sell them in time to pay the debts you have. A crisis of solvency means that the assets you have are worth less than what you owe.”
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I mirabolanti ritorni di strategie undisclosed. Un allevamento di cigni neri…
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