GM has bowed to the inevitable and is passing through bankruptcy. I want you to think about that. Six months ago, a portfolio top heavy with financial service companies and GM was about as conservative as you could make an investment portfolio. And the supply was large enough to satisfy all comers. Most of this stock was all lodged in managed pension plans and the like because the managers did not dare show that they were accepting excessive risk. If I had held their positions, I would have been very satisfied following suite. I would have slept well at night and perhaps fretted about that small cap flyer in the discretionary part of the portfolio.
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