يستلزم الأمر 20 سنة لبناء سمعة طيبة, وخمس دقائق لتدمير هذه السمعة - Warren Buffett

be greedy when others are fearful, and fearful when others are greedy.

Because we are the largest lender in the manufactured homes sector and are also normally lending to lower-and-middle-income families, you might expect us to suffer heavy losses during a housing meltdown. But by sticking to old-fashioned loan policies — meaningful down payments and monthly payments with a sensible relationship to regular income — Clayton has kept losses to acceptable levels. It has done so even though many of our borrowers have had negative equity for some time.

We're more comfortable in that kind of business. It means we miss a lot of very big winners. But we wouldn't know how to pick them out anyway. It also means we have very few big losers - and that's quite helpful over time. We're perfectly willing to trade away a big payoff for a certain payoff.