Mark Yusko talks about his background in the finance business and his firm Morgan Creek Capital. He describes how he went from his undergraduate days at Notre Dame to his current position. Bubba and Keith discuss the college endowment model and his approach to handling the business of managing billions of dollars of donor funds. Mark compares retail investors returns to endowment returns.Bubba asks Mark about his trading model. Mark talks about the mathematics of loss and how it gets compounded when you begin to lose money. He cites examples of how big of a return you need if you have a losing streak. He talks about the average return in the equity markets over the last twenty years and how he has been able to beat those averages over time. Mark notes that managing losers is vital to success.Bubba and Mark discuss where there is opportunity in the market today. Mark believes that the current U.S. market is most likely fully valued. He believes that the strong dollar is making some of the P.I.G.S. (Portugal Italy Greece and Spain) look to be potential buys. He thinks that emerging markets represent value. He feels that Russia is so depressed that they may be a good bet. Mark comments on the frontier markets of some Middle Eastern countries.Bubba comments on the problem with Greece. He maintains that the Greek GDP is very small and insignificant, but the real problem is that you could have contagion with other countries that have similar problems. Mark agrees that the biggest problem in Europe isnt what is happening in the small countries it is the big countries such as Italy and Spain that could cause the problems.