Lance on Feb 11 2008 | Filed under: Risk, Valuation
In the insurance business, there is no statute of limitation on stupidity.
-Warren Buffett
If only the monolines (that survive) credit default swap investors, and others could keep this in mind going forward. Risk has to be priced not on the basis of the current environment, but on what that environment might be down the road. In [...]
Lance on Feb 07 2008 | Filed under: Asset Allocation, Domestic Fixed Income, Risk
When assessing risk it always pays to assume that whatever risks you identify there are others associated with them that you haven’t. I pointed out the other day a risk that was associated with my outlook over the last year and a half that I hadn’t seen ahead of time. Here is another.
These trades were [...]
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