Seeking Alpha

Colin Doyle  

"The whole banking system rests on confidence, and most of the time it is there.

It's like oxygen: when it's there you don't even notice it; when it disappears it's the only thing you notice.

In a sense, there are two kinds of truths:

"Truth 1" is something that is true whether people believe it or not (the world is round even if everybody thinks it's flat), but "Truth 2" is where belief creates it's own reality and if people think the banking system is unsound, it is unsound, because no banks can pay out all of their liabilities at one time so it's essential that people believe in the soundness of the banking system for it to be sound."

-Warren Buffett
  • Description: Occasional Investor. Trading frequency: Infrequent
  • Interests: Stocks - long
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Bank Of America: No. 28 For Yellen, No. 1 For Shareholders $BAC Mar 21, 2014