2009-03-02creditwritedowns.com

" Back in June before real panic struck, I outlined my thinking on the financial services sector in a post called “Financials: catching a falling knife.” My basic point at the time was that investors - especially sovereign wealth funds (SWFs) and hedge funds - were seriously underestimating future losses in the financial services. I suggested that buying financials was like catching a falling knife and that things would only improve when these investors gave up and went home."



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