We knocked the ball out of the park! When we shorted New Century, the stock was $50 or $40. Now, it’s nothing.
Have we learned something from that last bubble? Holding Global Crossing and WorldCom debt? Obviously not. This bubble is much more damaging to the economic landscape than the last.
There is a lot of debate, and we would argue we are in a recession. Is it a housing-led recession? We think so.
~ Bill Laggner, Bearing Asset Management, "Respect is Due", Hedgefund.net ,March 23, 2007