Capitalism and Bad Investments

An absolutely brilliant letter in the FT today from Mr. Peter Berchtold.

Investors know there are two opposite sides to every transaction. If you fail to understand what you are buying don't go blaming the seller. I am always amazed to see big, so-called sophisticated investors try to litigate themselves out of a bad investment.

Or sometimes look for the Shaykh up the road to bail them out.   Or request a bail-out from their governments not mind you to save their profits but out of a selfless concern for the good of their respective national economies.