It’s been a busy day, largely spent working my way through a number of securitisation structures, notably that of Punch Taverns, the UK pub group.
Along the way, I’ve come across a number of introductory pieces on the subject, such as this one, as well as this piece from a new, rather high-minded and ambitious blog, which I hope will continue to de-mystify finance, one area at a time. If you ever wanted to know about CDS, then it has a great intro on an issue that the mainstream press never fails to describe in scary and intimidating terms.
However, for securitisation, I still like one of my very early attempts to tackle the subject!
Meanwhile, here's a story of another gullible investor that shouldn't have been dabbling in finance.
13 hours ago