It Was in the Cards

Sometime in late 2006, I was sitting at a blackjack table in Las Vegas listening to the dealer talk about how he had just purchased his fifth home.  My brain screamed out, “Wait a second! Something is just not right here!  I am a senior level executive at a nationally recognized investor relations firm and I definitely cannot afford five homes (in fact, I can barely afford one in Los Angeles).”  While I had no idea what the dealer’s earnings were, I was certain that it couldn’t possibly be high enough to justify five mortgages.  I knew my instinct was right, but what I failed to consider at the time was the unbelievable magnitude and spiraling damages from all of the mortgage lending excesses.
 
Guess the house doesn’t always win.

 

PondelWilkinson, investor@pondel.com
 
 

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