Found via Zero Hedge.
Link to: Imminent Defaults - By Kyle Bass
If we are correct regarding our hypothesis on the outcome of the debt crisis, the world will have its social fabric ruffled or even torn for a period of time. Be mindful that we are not talking about the end of the world as we know it; we are simply saying that it will be a different and slightly more difficult place to live in for those of us in the developed and indebted West. We will all wake up in the days, weeks, and months afterward and go to work, continue to invest, and live our lives. I am eagerly awaiting the day to finally arrive when our fiduciary duty compels us to worry less and invest more. It is our job as a fiduciary to avoid nursing 50%+ losses because we failed to believe that a cluster of sovereign defaults was even possible (let alone probable). We urge you to consider the ramifications of our thesis being correct, preparing yourself for the worst while hoping for the best. As one of my closest friends advises me; “Trade as you like, divest accordingly.”