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— Seth Klarman"There is an old saying, "How did you go bankrupt?" And the answer is, "Gradually, and then suddenly." The impending fiscal crisis in the United States will make its appearance in the same way."
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If you have a habit of declaring milestones or changing them based on the crisis of the day, don't expect the team to remain motivated. Similarly, if the team isn't aware of the milestone and the value behind it, they are unlikely to deliver.
— Martin Zwilling
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When we were young, there weren't very many smart people in the investment world. You should have seen the people in the bank trust departments. Now, there are armies of smart people at private investment funds, etc . If there were a crisis now, there would be a lot more people with a lot of money ready to take advantage.
— Charlie Munger
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