JMann worked for Goldman Sachs trading credit indices, basically lumped-together sets of credit bets on large corporations, almost like mutual funds. Unlike in the world of stocks, prices in the credit world weren’t determined by some vague premonition of future value, but on the perceived future probability of corporate death. In credit land, there were only ever funerals, no weddings or baby showers. By betting on death, we were the bookie undertakers, gambling on either this or that company living or dying.
