Over the weekend I was reading a book about Charlie Munger. He is Buffet's partner in running Berkshire Hathaway.
There was a quote by Charlie which I thought was pertinent to our extended debate about NPK. The quote was as follows: "It is a crime in America to build a weak bridge. How much nobler is it to build a weak company?"
You may think it is a crime for the Cohen's to run a company so conservatively. I think Charlie would side with me in believing it should be a crime to run a company so dangerously as CVC, SFP and many others.
Certainly there is a place for distressed investing for people with expertise who want to do some gambling without much good information.
The Cohen's don't run a company that plays close to the borderline of morality or financial daring do. I for one appreciate that. If you and other speculative gamblers want more action, there are plenty of places that you can find it.