I Don't Know Much About Residential Mortgage Backsecurities

I was seeing behavior amongst investors that I thought was reminiscent of the TMT bubble and other excesses that I'd seen. People were saying that, for example, residential mortgage backsecurities and subprime mortgages are a sure thing. It's much easier to predict the present than it is to predict the future. When those things are true to an extreme, he thinks that has been enough.