“A very senior colleague refinanced his home repeatedly to acquire new properties. I knew about his acquisitions, as I was asked to witness some documents. Freaked me out, the 7-digit loans.”
– ToL at VREAA 28 may 2012 11:16pm
Looks great on the way up; ghastly on the way down.
Or, for the benefit of those who haven’t heard how Buffett put it: “When the tide goes out, we’ll find out who has been swimming naked.”