James B. Stewart
New York Times, 10 March 2020
The investor Warren Buffett once gave a famous warning: “It’s only when the tide goes out that you learn who’s been swimming naked.”
The tide has just gone out again, and clues to who’s been swimming naked have begun to emerge.
Mr. Buffett first made that comment in 1992, after Hurricane Andrew exposed the inadequacies of the insurance industry, to describe the rosy appearances that can mask financial recklessness until the good times end.