Valuing hard-to-value assets

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For the past 11 months, virtually the only thing my associates and I have done is value structured finance assets. It occurred to me that, before we forget the hard lessons we learned over this period, we should write them down in case we are called upon to value hard-to-value assets again in the future.

The complex assets we have been dealing with over the past 11 months - and consequently, the context for this column - are asset-backed securities (especially those with subprime US mortgages wit

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