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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: John Pitera who wrote (43409)	5/27/1999 2:00:00 PM
From: Lizzie Tudor	Read Replies (1) \| Respond to of 86076

John I got that from the book "The Warren Buffet Way" (which is from 1994, although I see there is another Buffett book out today by the same author), and its from the initial chapter that discusses Graham and Fisher who were Buffetts main influences apparently. Theres a lot of history around those 3 precursors to the crash, Graham stated later that legislation has been put in place to curtail margin lending therefore #2 isn't a factor anymore. I don't know if I agree with that, everyone I know is margined like mad. And what are derivatives but leverage anyway? They didn't have derivatives in 1929. So sure maybe bank loans for stocks in the traditional sense are contained but all the new instruments cancel that out?