It is a very efficient way to finance assets with predictable cash flows.

In Europe the ABS market is still in the growth phase. In the U.S., it is huge and growing more slowly.

Spreads on corporate bonds are extremely tight and have a good chance of widening next year. Asset-backed securities have generally been more stable in that scenario, so when corporate spreads widen, asset- backed securities tend to outperform.

Most people...find a disorientating mismatch between the long-term nature of their liabilities and the increasingly short-term nature of their assets.

campaign finance has no relationship to the Starr referral and amazingly, this committee has now subpoenaed the president of the United States and the attorney general of the United States to provide documents that they don't have the authority to provide without a court order, whose criteria this committee is yet to even satisfy.

When it comes to finances, remember that there are no withholding taxes on the wages of sin.