Swimming Naked

Bailout Fails. Stocks Plunge. Dow Loses 777 Points.

"As house prices fall, a huge amount of financial folly is being exposed. You only learn who has been swimming naked when the tide goes out – and what we are witnessing at some of our largest financial institutions is an ugly sight." -- Warren Buffett, 2007 Letter to the Shareholders of Berkshire Hathaway

1. If you haven't read his letters, you should. 31 years of them, right here: http://www.berkshirehathaway.com/letters/letters.html

2. More on Snowball: http://www.nytimes.com/2008/09/29/books/29masl.html?th&emc=th