day of reckoning, page-9

interesting what happens when your down and out

when your successful you can do no wrong


but when your down and out everybody likes to put the boot in

shines a whole new light on other social problems like homelessness and unemployment

ie he smells he must be dirty

he is unemployed he mustn't be a good worker

etc etc

the thing is all OZLs problems started when the tide went out and commodity prices fell

that then exposed managements shortcomings in handling debt

and what does Warren Buffett say when the tide goes out?

He says

when the tide goes out you can see who is swimming naked.