The Servatism of Accounting

It became quickly obvious that the lesser well capitalized of the participants in the industry, companies like rowan, were going to fail within a few weeks or a few months. And so i wound up owning the better capitalized, the very well capitalized, of the two ne the survivors. But i didn't know it was going to turn when it turned. Even though something is doubled in price, but it's going to triple or more from where you bought it, you can still buy it. I think about the servatism of accounting.

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