Your post implies you think the fund managers etc., who buy these pooled asset instruments are untrained professionals.
In reality, isn’t it the fault of the portfolio managers who buy the junk than it is the person who wishes to sell the junk?
Caveat emptor my friend caveat emptor. We aren’t talking about little old ladies on the street corner being sold these instruments, they are professionals who know the risks.
They are professionals who like to gamble, and most of them aren't that intelligent to tell you the truth.
How do I know? Because I dealt with high-end fund managers for close to ten years.