http://alephblog.com/2009/06/02/unstable-value-funds-5-cmbs-edition/ Helping Institutions and Ordinary People Invest Better by Focusing on Risk Control Fri, 25 May 2012 21:31:47 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://alephblog.com/2009/06/02/unstable-value-funds-5-cmbs-edition/comment-page-1/#comment-21887 Paul in Kansas City Tue, 02 Jun 2009 20:50:30 +0000 http://alephblog.com/?p=1769#comment-21887 Doesn't PMA Capital have a lot of similar assets on their balance sheet?? I guess any CMBS exposure demands a large discount to book value even if they have been written down (I believe 82% in the case of PMA). Doesn’t PMA Capital have a lot of similar assets on their balance sheet?? I guess any CMBS exposure demands a large discount to book value even if they have been written down (I believe 82% in the case of PMA).

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