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	<title>Comments on: Lahde Capital letter to investors: short California, and CMBS</title>
	<link>http://ftalphaville.ft.com/blog/2008/03/06/11407/lahde-capital-letter-to-investors-short-california-and-cmbs/</link>
	<description>FT Alphaville from FT.com</description>
	<copyright>Copyright The Financial Times Ltd 2006. "Alphaville", "FT" and "Financial Times" are trademarks of the Financial Times.</copyright>
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	<pubDate>Fri, 29 Aug 2008 03:13:33 +0000</pubDate>
	<lastBuildDate>Fri, 29 Aug 2008 03:13:33 +0000</lastBuildDate>
	<ttl>5</ttl>
	<language>en</language>

	<item>
		<title>by: Christian G.</title>
		<link>http://ftalphaville.ft.com/blog/2008/03/06/11407/lahde-capital-letter-to-investors-short-california-and-cmbs/#comment-14391</link>
		<pubDate>Sat, 08 Mar 2008 00:21:39 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2008/03/06/11407/lahde-capital-letter-to-investors-short-california-and-cmbs/#comment-14391</guid>
					<description><![CDATA[Homo homini lupus ... and don't we just love it!]]></description>
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		<title>by: Andrew Lahde on CMBS: Look Out Below! &#124; Housing Wire</title>
		<link>http://ftalphaville.ft.com/blog/2008/03/06/11407/lahde-capital-letter-to-investors-short-california-and-cmbs/#comment-14242</link>
		<pubDate>Thu, 06 Mar 2008 15:06:58 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2008/03/06/11407/lahde-capital-letter-to-investors-short-california-and-cmbs/#comment-14242</guid>
					<description><![CDATA[[...] But another of his funds is actively shorting commercial real estate via the CMBS indices. In an investor letter published over at the FT Alphaville blog, Lahde’s comments are worth reading: I’d like to use an analogy from Peter Schiff’s book. If the commercial real estate market was a beach ball, picture my arm holding the ball. If I take my arm away, everyone knows that ball will fall to the ground. However, many foolishly believe that somehow if you take cheap financing (my arm) away, the ball will remain afloat. Risk premiums for this type of debt have skyrocketed as exhibited by the CMBX. If you dramatically increase the risk premium for an asset class, especially one that is so heavily financed, the value of that asset class must fall. End of story. [...]]]></description>
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		<title>by: VP</title>
		<link>http://ftalphaville.ft.com/blog/2008/03/06/11407/lahde-capital-letter-to-investors-short-california-and-cmbs/#comment-14240</link>
		<pubDate>Thu, 06 Mar 2008 13:49:26 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2008/03/06/11407/lahde-capital-letter-to-investors-short-california-and-cmbs/#comment-14240</guid>
					<description><![CDATA[Can't knock the losers without congratulating the winners - well done to them.

Time will tell whether this is their booming market, or there'll be able to avoid getting caught when the market switches again..]]></description>
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