by Calculated Risk on 6/17/2008 07:36:00 PM

From Dennis Berman at the WSJ: Tisch Hews to the Prudent Approach

"No. 1, don't bet the company," [Loews CEO James Tisch] says. "First and foremost, everything we have is fully protected. Second, watch out for the downside. The businesses we like are ones with long-term assets, that are going to be here for a long time and aren't dependent on management. Our day will come."

That means avoiding financials, which, a year into the credit crisis, are still "like catching a falling knife," he says.

And on oil:

"Overpriced," he says. "It's a demand issue, not a supply issue." He cites a decline in the amount of driving by U.S. motorists in March. "We're seeing fast adjustment, and we're going to see that world-wide."