Quote:
Originally posted by SlaveNoMore
Bondholders are fairly sophisticated, so I'm not sure about that. And anyone below investment grade definitely knows the structure from inside-out.
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Most bondholders are sophisticated. Many state and county pension funds are not so much--Orange County is holding some RMBS, for example; and the over-publicized Norsk town. But the lower tranche holders--they knew what they were buying.
