Friday, October 12, 2007

Quotable Quotes: The Truth - Whole and Otherwise

"Since mark to the market is still absent from many alternative investment instruments, alternative pricing methods (mark to model, to ratings, to marketing, and/or to myth) set the stage for a number of potentially suspect "transactions".
Vinny Catalano blog entry, October 11, 2007

"Some marks can be pretty imaginative. They call it 'marking to market,' but it's really marking to myth."
Warren Buffett quoted in "U.S. Investors Face An Age of Murky Pricing."
Wall Street Journal, October 12, 2007

So where does the truth lie? Perhaps a few words on the subject will help.

"How many legs does a dog have if you call the tail a leg? Four; calling a tail a leg doesn't make it a leg."
Abraham Lincoln

"Everyone is entitled to their own opinion, but not their own facts."
Daniel Patrick Moynihan

"The pure and simple truth is rarely pure and never simple."
Oscar Wilde.

“It's no wonder that truth is stranger than fiction. Fiction has to make sense.”
Mark Twain

Have a good weekend.

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