The Smart Money Is the Subprime This Time - by Nick Nemeth (opens in new tab)

Why would a man keep writing checks into a grave? Because what is good for his firm and what is true about his fund stopped being the same thing a while ago. The firm needs the marks to hold together just long enough to raise the next fund, so you carry the dying one a little further, and on the day you finally have to mark it down you turn and point at the one beside it. XIII was a tough vintage. XIV looks strong. XV is the one — get in on XV. It is the same sentence every time, in the same ...