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With this piece, we accomplish our first “lap” through the tripartite structure of this series. This is how I plan to write the entire series, with maybe some small deviations. I am trying to build up from basic foundations, which going one category at a time wouldn’t accomplish. It wouldn’t make sense, for example, to get to credit derivatives before even having a basic discussion of what a limited liability corporation is. As readers can probably tell, I’m quite excited about this approach to building up from the basics. Gradually increasing the complexity of the instruments, criteria and the organizational forms seems to me to be quite an intuitive way from going from confusion over the basics of finance to becoming conversant in mortgage backed securities and beyond.



