Buy the Paper Tigers By Jim Cramer About this article: The re-evaluation of the financials continues. What's behind it this time? Sometimes what you have to do is look at the clients of these firms, the real clients. That's the giant funds that are on the buy side, not the mergers-and-acquisitions guys, even though they bring in a gigantic amount of revenue. Right now these funds are desperate: They want paper, short-term company debt. They want high-yielding paper. They want residential mortgage paper. It was Ellington Capital, one of the best players, buying Fremont's loans, and Farallon, another big, smart player, buying Accredited's loans. They want something to put in their accounts. Their voracious appetite for paper makes all of these private-equity and residential mortgage buys so easy. We are so often caught up in the equity side -- are they paying too much for stocks? can it continue? -- but the real interest is in providing merchandise,... 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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