A 99% Value-at-Risk calculation does not evaluate what happens in the last one percent... This is like an airbag that works all the time, except when you have a car accident.

What do you call a stock that's down 90%? A stock that was down 80% and then got cut in half.

Ive got a fantasy-baseball team with my brother. But I have to admit, he does all the work.

As an investor my job is to figure out what will happen rather than what should happen.

A 99% Value-at-Risk calculation does not evaluate what happens in the last one percent... This is like an airbag that works all the time, except when you have a car accident.

The loss was not bad luck. It was bad analysis.

In the real world, illiquid assets carry a discount.