WEDNESDAY FEBRUARY 20
The Smart Money, Eh?

Credit Suisse, despite its bad news about unexpected trading losses yesterday, has taught investors a valuable lesson: there’s a very fine line between theoretical losses (losses that could happen, but haven’t yet) paper losses (real, but not yet taken) and, uh, real losses (real meaning real – unless that’s not clear enough for anyone anymore). But how to tell when the heavyweights don’t even know the difference? Good question.

February 2008

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