Risk aversion – Berkshire style: "when most people do stress tests the process is “well what happens if property prices drop 30%?” and someone says “what if they drop 40%?” and the response is – they can’t go that far. The Buffett question for a risk manager is “what if they drop 70%?” You might say it can’t happen. One word: Japan."
Election Forecast: Obama ahead by 82: Another electoral map powered by prediction markets.
Lipton Defends the Indefensible, Again and Again: The first sighting of a genuine hyperlink in a Carl Icahn blog entry!