An epidemic of skinny-dipping

In times of market uncertainty, pundits often reach for a handy Warren Buffett quotation. Buffett is undoubtedly one of the world's most successful investors, and he has built his wealth by focusing on quality, holding his investments for the long term and not getting caught up in either market euphoria or the panics that so often follow it. One of the Sage of Omaha's most graphic epithets has been cropping up a lot lately: "It's only when the tide goes out that you get to see who's been swimming naked". As the tide of liquidity has receded in everything from commercial property to the gl...