When it comes to ugly book covers, this one takes the cake. As the saying goes, "don't judge a book by its cover." Inside, there is much to recommend this book.

The CDO market is rapidly growing. It is complex and poses novel risks. There are few books on the topic. As an introduction, this is one of the best. An edited collection, it assuming no prior knowledge. Articles introduce the market, describe different structures, and offer practical advice for prospective investors. What it does not do is delve into the darker side of the market. These structures offer plenty of opportunities for manipulation or abuse. There have been a number of "upsets." Written by sell side professionals working for major issuers, this book a consultative selling feel to it—useful but incomplete.