TSMX: Still For Speculating, Not For Holding

2026-06-24 11:01:13 ET

The Structure of an Instrument Determines its Use

The universe of investment instruments — the tens and tens of thousands of them — contains things that can be used for all sorts of purposes. Blends of risk and return, obviously, but also structures of such. Fixed payments, variable ones, promises at least of repayment and not and so on. Instruments have been and are designed to expose us to varied sets of the possible outcomes....

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