All you high-finance and deal-making types undoubtedly know of “big-boy letters.” As Jenny Anderson writes in this NYTimes story, the term comes from “We are all big boys here, so let’s not sue each other.” Anderson goes on to helpfully describe the situation: An investor agrees to buy a company with warts and all, just as a homebuyer buys a house “as is.” Ah, but what if that buyer then flips the company/house to a new buyer. Does the new owner have a right to know about the warts? That, near as I can figure it, is the basis of Fort Worth hedge fund R2’s case against investment bank Jeffries Group, as R2 got burned. Kinda interesting, if you’re interested in such matters.