Thursday, June 16, 2005

Dealing with the Fool

I have a special approach for dealing with people who fit the description of "The Fool - Part 3".

I listen to their story with great interest, then I ask them for more information, which they usually give with please. This information is typically filled with big words and impressive names. I then keep track of the names, track the people down, "verify" the information and then call "The Fool" back and ask him some questions about my findings.

Dealing with "The Fool - Part 2" is a little trickier. Basically you have to tie up all of his assets. You can tell if you are dealing with this type of guy simply by doing a thorough due diligence. If he has a record of getting lenders to take a haircut or racking up all sorts of judgments, you aren't going to be any different (i.e if you see an out of control car speeding towards you, do your best to get out of the way, don't just sit there and watch it). This sort of fool isn't always malicious or intentional, but somehow, they always manage to screw other people

Dealing with "The Fool - Part 1" is really quite simple, if you can't figure out who the fool at the table is in about 5 minutes, it's you. No one gives anything away. While an opposing party may seem to be giving something away cheap, make sure they have a good reason for doing so, not just because they appear stupid.


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