If you want to hear investors complain, ask them where their dealers are marking their CDO positions. On a cashflow basis, a deal might be yielding its expected return, but its value may bleed when marked-to-market. Unfortunately, investors have to explain to their management that this is just "part of the game." From a buy-and-hold perspective, this was a good economic investment.

After all, a car drops in value 25% as soon as you drive it off the lot. Add in a dented fender or a double-A rated tranche nicked to triple-B, and there goes the LASIK surgery you were saving up for.

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