Indecent exposure
Markets reveals the good, the bad and the ugly
"It's only when the tide goes out that you find out who's been swimming naked." That insight from Warren Buffett is being proved true almost every day now. The demise of various hedge funds, the rescue package for IKB, a German bank, the decision of American Home Mortgage Investment to halt operations--all are results of the retreating liquidity tide.
The world ought to be fairly relaxed about a few hedge funds going bust. More than 700 gave up ...
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