Figure

Unbundling of mortgages into principal- and interest-only securities

Source: Goldman, Sachs & Co., March 1985.

20 Part ONE Elements of Investments

The Internet has also allowed vast amounts of information to be made cheaply and widely available to the public. Individual investors today can obtain data, investment tools, and even analyst reports that just a decade ago would have been available only to professionals.

Electronic communication networks that allow direct trading among investors have exploded in recent years. These networks allow members to post buy or sell orders and to have those orders automatically matched up or "crossed" with orders of other traders in the system without benefit of an intermediary such as a securities dealer.

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