My best friends brother runs a small MBS fund that is doing fine. He is very picky about the notes he buys, and as a result experiences very low fallout. Even with that being the case, I still declined when he asked me to put some $$ in during the beginning of 2006. These big guys that have to take on alot of crap to get the good stuff are paying for it now, as we all knew they would.
There are never enough chairs when the music stops.
