Anumber of CDO investors right now are like penny-pinching shoppers waiting for after-Christmas bargains, according to one analyst. The problem though, is that Christmas Day - the date the real estate bubble may be pricked - is a moving target.

"You're not going to go out and buy a television set before Christmas when you know it's overpriced," said Mark Adelson, head of CDO research at Nomura Securities. "There are a fair amount of people sitting on cash right now, waiting for spreads to get wider, and arguably represent a better buy."

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