The tough go shopping


"There is an old saying: 'When there is blood in the streets, it is time to buy - even if the blood is your own.' This is certainly true in the subprime market today," says Jim Midanek, chief investment officer at California-based Black Pearl Asset Management.

Midanek, who helped build numerous Wall Street mortgage trading and sales desks in the late 1980s, is one of a select breed now looking to buy securitisations backed by subprime loans. He set up Black Pearl in 2002 with John Pak, an associa

To continue reading...