One Requires the Other

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“Capitalism without bankruptcy is like Catholicism without hell.”

          –     Howard Marks (b. 1946), Chairman of Oaktree Captial and one of few names on Warren Buffet’s “must read” list

If Warren Buffet reads your stuff, you might have made it, right?

The broader topic was bailouts during crisis — whether the 2008 recession, the current pandemic, any time that governments might want to step in.

Marks isn’t against bailouts or infusions of capital — but he makes a compelling point.

Small businesses simply don’t have the wherewithal to be bullet-proof during a weeks-long market event, and if they do, they’re probably exceptionally well run.  Major corporations, however, should be expected to have the capital set aside to get by.

Look him up.  Read his stuff.  It might make a difference.

 

 

 


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