"It's very hard to keep your spirits up. You've got to keep selling yourself a bill of goods, and some people are better at lying to themselves than others. If you face reality too much, it kills you.... you've got to find an answer to the question: Why go on?"

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I asked one retailer, I said, "Let me ask you, are you going to raise prices next year?" They looked at me and said, "Not only are we not going to raise prices, we're going to have to lower prices, increase the quality of the goods, and turn the inventory quicker."

— Ken Moelis