Joe Ranft

Calling a Bottom Here

And what about dilution of the money supply? The US continues to print paper, so 12,000 for the DOW is now what it used to be.

Buffett Bets Big Against the Hedgies

I think in the end there are just a finite number of quality managers out there, whether managing hedge funds, or regular mutual funds, and there are probably more lucky managers, so when somebody thinks they are investing with quality, they are really just lucky, and eventually the luck runs out.