"When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to huge net cash in 2008, when the right thing to do in terms of value would have been to do the opposite."

Previous Quote

I never had a checkbook. It used to be cash in hand, stuff in the pocket, or a manager would keep some accounts and give me money. I started to wonder what it must feel like to actually make a profit, pay taxes, and to have a phone listing, and a manager. And also, I was sick of sleeping around every night.

— Iggy Pop