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> financial institutions and investors are pretty good at estimating value.

Except when they're really, really not.

See: mortgage tranches in 2006.



Good point. That really should be "financial institutions and investors are pretty good at calculating value". The value before and after purchase would not be obfuscated in any way. It is no more an estimate than the commission fee or tax is an estimate.


The market corrected itself which is really what markets give you.




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