Michael: > Part of the thesis sounds perfectly sensible. When finance people > introduced the concept of portfolio insurance, investors believed they > had a risk-free playground. Credit default swaps offer the same kind > of false security. With that false security, investors are free to do > stupid things as long as someone else foots the bill. > The idea that this market for false security is productive seems to > have been disproven by reality.
I have no objection to what you say except the first sentence. Because, after that first sentence, it is you who is speaking, not Condrad. Conrad does not say any of the things you say. Indeed, he says things that are exact opposite of what you say. Best, Sabri _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
