But it is just like a stock.

When you go long a security, you're buying the security.

So a security in the equity world is a stock.

And also, just so you know, as opposed to being short the company, they're long.

Word is that davis' fund has taken some big hits on mortgagebacked securities.

They'd start with your bonds preferred stock, and then move on to real estate.

And I'm doing this just to show you a point

A security is essentially something that can be bought and sold that has some type of claim on something, or some type of economic value.

You know what equity securities are, and just so you know, what is a security?

It's a security.

And it makes sense.

Annual rate of security

Or by selling shares of itself, or essentially allowing other people to become partial owners of it, and that is equity.

It seems the government's looking for Harry.

I have a whole video on mortgage backed securities.

learning only too late that something was wrong.

And you end up with a mortgage backed security.

They will give this money to the market, and in exchange they will usually buy treasury securities, sometimes something slightly different, but usually very safe securities.

The policy number of my insurance is PC two three five seven.

It can do it through debt or equity.

So it's going to be 6,000 times 1,000 bond certificates.

And so I'm fine.

But if the Fed wants to inject more cash, it can now buy different types of securities.

We're not so sure he took anything except the cash.

I could trade a share of Microsoft.

So these shares each of these one million shares this is a mortgage backed security.

This ticket is good for two weeks.

We would create incentives for securitization.

I have 4 billion in residential CDOs, collateralized debt obligations.

T bill if it's a shorter duration,

Treasury bond if it's a longer duration.

And the loans are just the right on these 10 payments.

And we said there's different kinds of debt.

And it really started because this whole process of being able to take a bunch of people's mortgages together, package them up, and then turn them into securities and then sell them to a bunch of investors this was a quote unquote innovation in the mid '90s, or early '90s.

Short term, overnight borrowing between banks is already zero.

I work for a stock company.

And in return, they're going to get 10 on their money.

This ticket is available for a whole year.

That's why it's called open market operations.

This is an example here

So it's a quote unquote fire sale.

My next presentation, I'm going to take it to a further

And I explained what those are.

I'm going to get back a share of IBM, and that's what I owe.

So that's what we're going to show you in the presentation on collateralized debt obligations.