Trading Diary

http://money.cnn.com/galleries/2007/fortune/0708/gallery.crisiscounsel.fortune/index.html

This link will take you to cnnmoney.com where Henry Paulson, Warren Buffett, Bill Miller, John Mack and others tell Fortune what they see next for the markets.

Some extracts

“Federal Reserve was not founded to bail out Bear Stearns or a few hedge funds. It was founded to keep a stable currency and maintain its value.” Jim Rogers

“For example, right now we are stewing over what everyone calls “the subprime mess” and going crazy, mourning all day and into the night–falling over ourselves to get all of the misery right, to paraphrase Evita. I’m writing this on Aug. 13, 2007, and in the past four or five weeks, the markets of the U.S. have lost some 7% of their value, or about $1 trillion.

But read on: The subprime mortgage world is about 15% of all mortgages, or $1.5 trillion worth, very roughly. About 10%–approximately $150 billion–is in arrears. Of that, something like half is in default and will likely be seized in foreclosure and sold. That comes to about $75 billion. Roughly half to two-thirds of that will be realized on liquidation, leaving a loss of maybe $37 billion. Not chump change by any means–but one-thirtieth, more or less, of what has been knocked off the stock market.” Ben Stein

“In one way, I’m sympathetic to the institutional reluctance to face the music. I’d give a lot to mark my weight to “model” rather than to “market.” Warren Buffett