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J
ames ChanosKynikosAssociates
Virginia Value Investing ConferenceUniversity of VirginiaMcIntire School of Commerce/Darden School of Business
October 22, 2009
Ten Lessons From The Financial Crisis ThatInvestors Will Soon Forget (If They Haven't Already!)
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Ten Lessons From The Financial Crisis ThatInvestors Will Soon Forget (If They Haven’t Already!)
1.
Borrowing Short and Lending Long is Still a Bad Idea
2.
Accounting Matters…A Lot!
3.
Conflicted Rating Agencies: Still Not UnbiasedObservers
4.
Regulate the Activities Not the Actors
5.
‘Value at Risk’May Put Your Firm at Risk
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Ten Lessons From The Financial Crisis ThatInvestors Will Soon Forget (If They Haven’t Already!)
6.
Messrs. Glass and SteagallWere Right After All
7.
Too Big to Fail = Too Big to Exist
8.
Capitalism on the Upside and Socialism on theDownside is Bad Policy
9.
Quantitative Easing (‘Helicopter Finance’) Has a Cost
10.
Insurance Without Reserves is Not Insurance
11.
Shooting the Messenger Does Not Change Reality
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