The Importance of Prudence

The thing that's hard to believe is that the people that are in these markets, the professionals, they're not stupid. They don't want to be viewed as doing something that is risky. And yet we're all having this conversation and pretending everything's fine here. I've heard these guys say, I've had this conversation with them. Like, I know they're full of shit. The most part it's just some pension plan. That's the name of the game. You haven't been fired for lack of prudence.

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