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Jim's Quote of the Day:
"Unless derivatives
contracts are collateralized or guaranteed, their
ultimate value depends on the creditworthiness of the counterparties. In the
meantime, though, before a contract is settled, the counterparties record profits
and losses - often huge in amounts - in their current earnings statements without
so much as a penny changing hands. The range of derivatives contracts is limited
only by the imagination of man (or sometimes, so it seems, madmen)." -
Warren Buffett, in a recent Berkshire Hathaway annual report
