TCW Securitized Opportunities Strategy

Quarterly Commentary


Magic

Watching a great magic trick inspires a sense of wonder. There is nothing quite like seeing the magician pull your ace of spades out of the deck after shuffling many times, grabbing the quarter from behind your ear after having made it disappear, or having the ball appear under the cup after he just took it away. Despite knowing logically that the magician always had control of the ace, the quarter had never disappeared, and the ball had simply been disguised by some skillful sleight of hand, it’s still enchanting to see the final product...

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