### Comment:
&gt; This is a whole lot of bullshit...And ultimately they're about as good as the interest rate environment. 
  
 Condensed for clarity.

### REPLY:
Pretty much, with respect to the BBB tranches specifically. But OP is pretending he understands this shit and he doesn't. Being deluded on the bear side is as bad as being deluded on the bull side. Details matter for timing.

### END.