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Ubs Where Metaphors Collide

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by Felix Salmon
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Feb 13 2008 12:00am EDT

UBS: Where Metaphors Collide

Robert Cookson has got his hands on a research note from UBS's Geraud Charpin. The gist is simple: debt is cheap, and it's getting cheaper:

We are in value territory. The iTraxx index is close to 110bp when its fair value is around 40bp assuming we are going into recession!

But my favorite bit is the fabulously mixed metaphor with which Charpin signs off.

For now we don't see anyone with enough dry powder to take a stab at catching the falling knife.

So true, especially when you consider the risk that someone with dry powder stabbing at a falling knife could end up buying a bouncing dead cat.

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