It's easy to get waaaay too precious when it comes to professional kitchens, whether we're talking about restaurants or a trading desk.
But credit default swaps are like chef knives. They're not an affectation, but a necessary tool for so many tasks. Even if you don’t cook or trade a portfolio professionally, you’ll want to own a good knife and you’ll want to know the mechanics and the rationale of a CDS trade . . .