Absence of Fear (transcript of CFA Society of Chicago Speech on 6/28/07)

An transcript of an excellent speech on a wide range of topics given at the CFA Society of Chicago by a long time value manager Robert Rodriguez. The speech covers a lot of topics but the most insightful comments are related to the securitization mess we are currently in. Mr. Rodriguez makes a very convincing argument that investors should increase the margin of safety required of their investments to account for a possibility of home prices falling or staying flat in nominal terms for more than a year or two and the havoc that would cause in all other segments of the market.