the quote below describes what we are finding as the financial tide goes out....
the entire article is quite good. arthur -------------------------------- http://s.wsj.net/public/resources/documents/WSJ_oaktreememo0803.pdf <https://webmail.ic.gc.ca/exchweb/bin/redir.asp?URL=http://s.wsj.net/public/resources/documents/WSJ_oaktreememo0803.pdf> For every period, there's a quotation which serves perfectly to explain what's going on, and I often find myself borrowing it. Warren Buffett provides more than his share; not only is his insight unmatched, but so is his ability to express it. Thus, starting with "It's All Good" last July, I've found frequent use for this one: When the tide goes out, we find out who's been swimming without a bathing suit. Certainly, "swimming without a bathing suit" - or perhaps a life preserver - serves beautifully to describe investor behavior during the carefree period that ended last summer. And equally, the ebbing of the tide - and the exposing of those who engaged in that behavior - sums up the unpleasant disclosures which have taken place since. Financial sector participants indulged in unprecedented amounts of leverage, innovation and risk taking between late 2002 and mid-2007, the consequences of which have become readily apparent. --------------------------------
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