I want to know the answer to the following question:
What rationale did asset managers who continued to invest in over-priced investments to the detriment of their clients use?
All the background I'm provided with is that "This choice was supported by a "plausible deniability" of the risks associated with subprime-based credit assets because the loss experience with early "vintages" of subprime loans was so low.". Is that enough to answer the question?
Answer: yes