This book provides an excellent and very practical approach to analyzing and interpreting subprime instrumnents. Fabozzi is a very clear and thorough academic, in the best way. The co-authors are all from UBS, which lost a ton of money in the subprime meltdown.

I have to admit that I was a little skeptical about being told how to, in essence, analyze risk from risk managers who presumably helped UBS lose over $40 billion. But then again, they should understand the market.

If there is any weakness in their analysis it is that it is next to impossible to conduct any sort of statistical sampling when so many loan applications were fraudulent.

Still, all-in-all, I highly recommend this book. Oh, and don't let the term derivatives scare you, the authors used virtually no mathematics to explain these complex instruments. The only thing I would like to have seen was an Excel disk with their models on it, or at least an appendix with more details on how to do their analysis.

这本书提供了一个优秀的和非常实用的方法来分析和解释次贷工具。法博齐是一位非常清晰和透彻的学者，这是最好的方式。这些合著者都来自瑞银集团，该集团在次贷危机中损失了大量资金。
我必须承认，我对被告知如何从本质上分析风险有点怀疑，这些风险经理可能帮助瑞银损失了400多亿美元。但话说回来，他们应该了解市场。
如果说他们的分析有任何缺陷的话，那就是在如此多的贷款申请都是欺诈性的情况下，几乎不可能进行任何形式的统计抽样。
总之，我强烈推荐这本书。哦，别让导数这个词吓到你，作者们几乎没有用数学来解释这些复杂的仪器。我唯一想看到的是一个Excel磁盘，上面有他们的模型，或者至少是一个附录，里面有关于如何进行分析的更多细节。