michael west still $65 in front, page-5

Nah, jimmy, what you said earlier is absolutely solid gold advice: it's too complicated, so don't touch it.

I would never invest in anything I couldn't get my head around. Failing to fully understand something isn't a reason to short either.

MQG has the same problem as so many other funds and banks: they refuse to keep their leverage under control because they're too worried about missing out on deals. They're too busy salivating over the cut their different divisions get out of each deal to pay attention to the mounting leverage.

This is why I don't invest in banks or funds. Ever. They're full of accountants and 'corporate finance' professionals.

People talk and act like banks are different to ordinary people. But they're not. It isn't wise for the man on the street to owe 90% of everything he owns, so what makes it wise for a bank to? Modern banking in western countries is a broken model. Run away from it.

Then people say, "Oh, we can manage the risk and diversify the portfolio." No, you just think you can. Reality is not a bell curve.