February 16, 2010

James Chanos' Ten lessons From The Financial Crisis that Investors Will Soon Forget

From a presentation James Chanos gave in October of last year at the University of Virginia:

Ten Lessons From The Financial Crisis That Investors Will Soon Forget (If They Haven’t Already!)

1. Borrowing Short and Lending Long is Still a Bad Idea

2. Accounting Matters…A Lot!

3. Conflicted Rating Agencies: Still Not Unbiased Observers

4. Regulate the Activities Not the Actors

5. ‘Value at Risk’ May Put Your Firm at Risk

6. Messrs. Glass and Steagall Were Right After All

7. Too Big to Fail = Too Big to Exist

8. Capitalism on the Upside and Socialism on the Downside is Bad Policy

9. Quantitative Easing (‘Helicopter Finance’) Has a Cost

10.Insurance Without Reserves is Not Insurance

11.Shooting the Messenger Does Not Change Reality

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