The Next Debt Danger: Second Lien Loans By Jim Cramer About this article: We keep reading about bonds being misvalued and how hedge funds don't know what they own. The confusion over this issue is manifold. So let's look at what's causing the misvaluation. First, let's understand that everything has a value. There's a price for all merchandise. The price is what you get when it trades. When you buy a "structured" product you are buying a made-up product, something put together by a broker, typically one of these pieces of paper that was slapped together by a Bear Stearns or a Lehman Brothers or a Merrill Lynch. Many firms attempted to sell me structured paper in my years at my hedge fund. I always said no because of rules I put in place years and years before that came from an opening where I had people coming in and out of the fund. When I did such an opening I... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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