Wednesday, July 16, 2008

fifteen and counting

one out. bottom of the fifteenth. runners on first and second. jd drew at the plate. longest all-star game ever played. is uggla trying to throw this game? or, rather, let it be thrown? the national league deserves to win this. but history and uggla have a different view. jd drew walked. brad lidge to pitch.

'here we go again'...

here comes everybody

"Fallen-angel bonds typically are illiquid, and potential buyers are put off by the fear of being virtually locked into their investments. Another prerequisite to the establishment of a new-issue junk-bond market then was Milken's promise of liquidity. Milken promised buyers that he would make a market in all of his deals, ensuring liquidity. In the early days of the new-issue junk-bond market a great amount of paper was traded back and forth among a number of Milken disciples. This gave the appearance of liquidity, which was, in fact, only as deep as Milken's various pockets." -- Seth Klarman, Margin of Safety - Risk-Averse Investing Strategies for the Thoughtful Investor


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