Supremely interesting. I can’t say I totally understand CDOs and securities after this book, but then by all accounts neither did the fund managers and investment bankers who packaged and sold the things either. The sense I got was the layered complexity that allowed these financial instruments to be sold in the first place. Obscurity through complexity. General wisdom that the markets will know best and will correct itself isn’t an adage that can hold true all the time, as it proved to be hopelessly wrong in the case of the subprime mortgage bust in 2007.
I had a prevailing sense that I was unfortunately born in the wrong country to have a whiff of a chance to have participated in Wall Street. Oh well, have to get rich another way.