The bond king just tweeted:

He gets it. For those who don't, here is an explanation [4].
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Links:
[1] http://www.zerohedge.com/users/tyler-durden
[2] http://www.zerohedge.com/taxonomy_vtn/term/194
[3] http://www.zerohedge.com/taxonomy_vtn/term/10414
[4] http://www.zerohedge.com/news/subordination-101-walkthru-sovereign-bond-markets-post-greek-default-world