WHO ? is Holding the Can (ie the rubbish)

Published May 2007 just before the Bear Hedge Fund Rout

designs.valueinvestorinsight … nFinal.pdf

Still correct …and scary

Glad that you pulled this one up again I had been looking for it a few weeks ago.
This article was the tipping point for me and given its timing the most important thing that I read on the PIN

It clearly explained deleverage just when the deleverage cycle was beginning, very prescient .