“An investment operation is one, which, upon thorough analysis,
promises safety of principal and a satisfactory return. Operations
not meeting these requirements are speculative.” - Benjamin Graham
Monday, September 03, 2007
Countrywide's Confidence turned to Crisis
"Countrywide also concedes that its vaunted proprietary system for estimating loss probabilities and delinquency rates was bamboozled by real-world conditions in 2006 and 2007"
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