Change of managment needed now, page-9

I guess my point is that when markets are exuberant people can see opportunity everywhere and capital can be raised for all sorts of swash buckling adventures. During these times there will be enough people who are willing to risk money on "what if" scenarios and things get done. So when markets turn and those "what if" scenarios start to get tested the finger will always be pointed at the swash buckling adventures that captain the ship. I suppose when markets fund ventures that fail they are just reflecting that fact that the cost of capital is cheap. If capital is made more expensive the market will adjust itself and not fund ventures that are likely to fail and that carry too much risk. That's the market allocating capital. Its up to people who hold the capital to decide where it should be invested.

Eshmun