“Amazingly,” This Trade Is Probably Going To Work However You Put It On

Ok, look... You might have missed the CMBX 6 BBB- boat. Or maybe you just didn't like it as a "blunt" expression of the brick and mortar short. You liked individual name CDS better. And that's fine. To each his own. But I'm kinda starting to think that being bearish on physical retailers is a trade that's going to work regardless of how it's expressed. Sure, it sounds impressive when you get to use the word "tranche" while bragging to your friends at a lower Manhattan bar (the female hangerso