Column: Andrew Kasapis

One thing that hasn't been in short supply since the credit crisis blew up is uncertainty about asset valuations. Liquidity over the next few months will not be the same as it was a year ago. Bids for certain structured credit instruments will be much thinner, at almost all levels of the credit spectrum.

Banks are not going to want to sell assets they hold at a discounted price unless they really need the cash. Investors should remember that firesale valuations are not necessarily a reflection of

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