So note today's FT coverage for the financial equivalent of the cigarette warning label that has become routine:
The affair has called into question the business model of funds of hedge funds – which run about $685bn in assets – after many of the biggest failed to spot warning signs.Cleanups require sorting wheat from straw, sheep from goats - all farmyard metaphors are alike to me . . In our current case, the pros can't tell them apart. Worse, the two kinds of assets trade places all the time, and depend on confidence for their stability - on faith in the story being told. Financial sheep are turning into goats, while governments try to pay investors to see their goats as sheep.
It's a great way to run an economy.