» Posted by Martin Weil on April 23, 2009

In an analogy, ten of us could have bought a fire insurance policy on our neighbor's house. Even though we like our neighbor and think he is a standup guy, our ten policies for his $1 million dollar house become kind of tempting and all of sudden his house goes up in flames. The fire department (ie, SEC, Fed, Treasury) can't prove arson, so we all get paid $1 million each -- for the loss of one $1 million house! Hmm..something doesn't seem right...

So writes my very astute colleague Rick Ashburn in his firm's latest quarterly letter.

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