It would be one of the most irritating experiences in the world to do a lot of work to uncover a fraud and then at have it go from X to 3X and at h the crooks happily partying with your money while you're meeting margin calls. Why would you want to go within hailing distance of that?
Charlie Munger's advice on investing at the 2006 Berkshire Hathaway Annual Meeting, www.tilsonfunds.com. May 6, 2006.