"The two-war strategy was a product of the cold war, when we had to have the ability to fight the Russians on the plains of Europe and fight the Chinese on the Korean peninsula at the same time. That costs an awful lot of money."

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It's awful to have a depression, but it's a great thing to have a depression mentality because it means that we are not speculating, we are not living beyond our means, we don't quit our job to take a big risk because we know we might not get another job. There is something stable about a country, a society built on those values.

— Seth Klarman