Substituting the discount rate for the ever increasing chance of death and a dollar for joy, joy today is worth more than joy tomorrow.
Hedge funds have made massive leveraged credit bets, knowing that their upside is billions in fees and their downside is millions in fees.
Structured Finance and Collateralized Debt Obligations: New Developments in Cash and Synthetic Securitization
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Hedge funds have made massive leveraged credit bets, knowing that their upside is billions in fees and their downside is millions in fees.
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