Kyle Bass has been on of the most successful and insightful investment managers of the last decade. On CNBC to day he discussed his view on the crisis in Europe. While nothing is certain, Kyle Bass expresses my own views on how the situation in Europe is likely to play out better than I could hope to. An important point that sometimes gets lost, ironically from bulls who call such outcomes “inconceivable” is that it is not the end of the world. It is not a prediction of Armageddon or any of the other hysterical adjectives used to describe those of us who have believed this situation was not fixed, nor likely to be fixed.
…like we’ve talked about for three years, there’s only one way out in my opinion of this debt mess and it’s through restructuring and that means default. It’s not the end of the world. It just means a lot of people are going to lose a lot of money and then we’ll get up the next day and go back to work.