From 2000 to 2008 16,907 AAA securities were issued. Today, only four AAA remain – Microsoft, Exxon, ADP, J&J
What has changed? Have all (except four) securities turned risky? Is there nothing secure and reliable in this world?
The financial markets are behaving like a girl whose boyfriend has left her. "Men are unreliable. I"ll never believe in a man."
Then, when the next candidate appears, they forget it all.
Corollary: Buy, buy, buy!