In the situation we have today, where people have made bad investment decisions, where people built houses they never should have built, there’s a misallocation

In the situation we have today, where people have made bad investment decisions, where people built houses they never should have built, there’s a misallocation of resources. The loss has already happened. The loss isn’t what happens on a balance sheet: the loss is what happens when someone cuts down a tree, makes cement, builds a 6,000-square-foot house in a place it should never be built. So the loss has already happened. The question is: How do you allocate that loss? And if you don’t allocate the loss, if you pretend it isn’t there, then this has really baleful consequences for the economy. I would invest my money with this guy. most people in the financial sector don't seem to realize the real life consequences and causes of the markets they manage.