Continually Challenge And Be Willing To Amend

People Do, As Long As You Have Markets, You'll Have Excesses.

Only When The Tide Goes Out Do You Discover Who's Been Swimming Naked.

I Knew A Lot About What I Did When I Was 20. I Had Read A Lot, And I Aspired To Learn Everything I Could About The Subject.

That's Been Lost. It's A Huge Problem. What You Have Is You Have The Major Institutions Of The World All Wanting To Deleverage. They Want To Take Down Their Assets And Liabilities. What Seemed So Easy To Borrow Against A Year Ago Now Looks Like Rat Poison To Them. So They're Trying To Deleverage. There Is Only One Institution In The World That Can Leverage Up In A Way That's All A Countervailing Force To That, And That's The United States Treasury.

You Can Lose Leverage, And It's The Only Way A Smart Guy Can Go Broke.