Every time I sit down to write a commentary it seems that some new debacle has emerged that threatens the markets. Each has its own unique versions of potential peril and the newest one often seems more dire than the last. Yet the prior dilemma, however intricate and scary it must have been at that moment, has been overcome, or at least postponed. Nevertheless, money managers face new issues almost daily as the struggle between progress and restraint continues. What's important, and what sets Warren Capital apart from its competitors, is how we handle issues in this constant battle.
In my 2010 outlook piece, I predicted that risk would become a factor again as several countries would be unable to roll their debt as they have become overwhelmed from absorbing the losses of their respective banks. As we've noted in the past, simply moving bad debts from one balance sheet to another doesn't mean the debts disappear. We knew a day of reckoning was coming and it looks like Greece is first in line.