Dollars and Jens
Thursday, March 15, 2007
 
Mortgages and Pensions
Apparently, some public pension funds have been dabbling in subprime loans. Here's my favorite paragraph:
Tettament said he isn't sure what type of collateral backs the CDO, though he thinks returns exceeded 20 percent last year.
If I had to choose between two candidates to manage my money, and the first candidate endorsed an investment he knew nothing about, I'd be pretty open to the second candidate. But if the first candidate endorsed an investment about which he knew nothing except its last year's returns, I'd hire the second candidate on the spot.

- posted by Steven @ 9:08 PM

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