. . . skepticism about past returns is crucial. The truth is, much as you may wish you … - Bethany McLean

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It's only after we've lost everything that we're free to do anything.

Bethany McLean

. . . skepticism about past returns is crucial. The truth is, much as you may wish you could know which funds will be hot, you can't - and neither can the legions of advisers and publications that claim they can. That's why building a portfolio around index funds isn't really settling for average. It's just refusing to believe in magic.

Advisers, Average, Believe, Claim, Legions, Past

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Home ownership was the fig leaf for the rise in subprime lending. But that was really about cash-out refinancings, not buying homes.

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So Merrill Lynch has launched its first campaign in years to advertise the accomplishments of its investment banking business. The ads feature things like Merrill's recapitalization of Sierra Pacific. I guess including "helping Enron achieve its earnings goals in 1999" might be a little awkward given that Merrill Lynch bankers are currently on trial in Houston for that "accomplishment. "

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I think synergies are a lot like UFOs: Lots of people claim to have seen them, but few can actually prove they exist.

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The last and most painful irony is that the two longtime rival armies in the securitization market - the investment banks and the GSEs - would end up magnifying each other's sins rather than keeping each other in check.

Army, Investment, Magnifying, Rivals, Sins, Two

Building a portfolio around index funds isn’t really settling for the average. It’s just refusing to believe in magic.

Average, Believe, Funds, Magic