The hedge fund manager gave a talk on value traps to the audience at the Value Investing Congress, warning that companies like GameStop, Exxon Mobil and Vale may look cheap but will get a lot cheaper.

FORBES: Chanos: Beware 'Value Traps' Like GameStop, Exxon, Vale

Were American weapons on day-to-day alert to be dismantled or otherwise disabled, however, more than a "launch on warning" option would be foreclosed: The deterrent value of the United States' arsenal would be eviscerated since, as a practical matter, it would be politically (if not technically) problematic to restore these weapons to operational status.

CENTERFORSECURITYPOLICY: Center For Security Policy

How does the IMF think people are going to react when, suddenly, the value of their life savings shrivels with no warning, their pay is effectively slashed, the cost of their mortgage skyrockets and their jobs are in jeopardy as businesses collapse because of ballooning interest rates?

FORBES: Fact and Comment

Even Japan's NTT DoCoMo, which is launching its successful i-mode service in Europe this month, gave warning on March 15th that it may have to write down the value of some of its overseas investments.

ECONOMIST: A splash of mobile colour | The