Subscription Lines Have Never Been Tested in Tough Times

Buffet: Financial innovations always sound good on paper, but what should happen is not always what does happen. The assumption that this or that mechanism will work in a protective way for the people who are involved is only tested in tough times. He says there hasn't been a tough time for closed end funds using subscription lines. "There is no single metric that is sufficient to tell us how good a job a g p did"