Marc Faber's forecasts for the global economy " ...In 1970 there was not a single investment bank that was a public company All of them were private partnerships (, and this is very important to understand , if you have a private partnership the risk profile or the risk that the partners will take are of course of a different nature than if you play with other people's money , and so the whole culture of investment business has changed enormously whereas a partner was liable with all his assets , today essentially if you are running a bank or a hedge fund and you go bust essentially that does not hurt you ..." says Marc Faber
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