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      "text": "I first spoke at Sohn in 2002 and shared a short idea of a mid sized financial institution that most of you had not heard of. Allied Capital had serious problems. It had large losses it refused to account for. It had invented its own proprietary grading system that helped it hide its losses. It fooled its auditors, who were asleep, and it fooled investors by aggressively returning large amounts of capital that it didn't really earn.",
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