Today’s Wall Street Journal had an article that included one of Warren Buffett’s famous quotes: “Only when the tide goes out do you discover who has been swimming naked.” The Oracle of Omaha’s quote is obviously pertinent to today’s financial marketplace, but it has relevance to higher education too. These days the tide is low and there is lots of institutional exposure to very real market conditions. And unfortunately, the combination of individuals and institutions swimming naked during the past several decades may mean fewer swimmers in the near future. The deep water has been a safe haven for swimmers, but it only served to mask some real problems that are now going to have to be addressed. Hold on to your clothes.