Beware the Middle Tranche of March (and mortgage backed securities)

William Safire in a piece called Animal Spirits in the New York Times Magazine, this day, pointed out that the Ides in the Ides of March is one of three tranches the Romans used to divide a month...

And so it can only be fitting then to consider the irony of a firm warning attached to a tranche, something known to the ancients, and lost on US only until recently...

Tune in next week when we revive our animal spirits with a fix of Himbeergeist