The message? Highly leveraged institutions gambling heavily on risky, low-transparency securities are simply asking for trouble. To avoid future financial crises, subprime mortgages need to move to moderately leveraged institutions – pension plans, 401(k) plans, mutual funds, sovereign funds, endowments, insurance companies and investment vehicles with conservative balance sheets like Berkshire Hathaway. Investment banks, and perhaps even banks, do not belong in this business. Ignoring this message will place us in peril again, someday.
SpaceX IPO
SpaceX IPO
June 4th, 2026
