How to survive in 2008

The following are ten keys that we in the indymac managment team are going to do to survive the market of 2008: 

1. Preserve Capital
2. Maintain maximum liquidity
3. If not profitable cut expenses down to where you break even
4. be prepared to fire friends
5. Credit quality matters more than ever
6. Stop paying outrageous prices
7. Commit to be3tter financial reporting: if you can't measure it, you can't manage it
8. Only hire people from companies that have been successful
9. Have a written plan.  Figue out what you need to be profitable, and stick to the plan
10. Focus only on the things you can control

 These are really basic princeples but in the growth of the last few years, many have lost their way.