“We’ve seen the S&P 500 drop 50% twice in the last 15 years. That is the new normal”, said Richard Kang of Emerging Global Advisors.
“It’s a terrible mistake to own something, just because somebody else owns it, even if that other persona is Benjamin Graham, the head of investing,” said Oracle of Omaha, Warren Buffett.
“China thinks strategically. We think reactively,” said Stephen Roche, former chairman of Morgan Stanley Asia, and my friend and former mentor.
“Whatever worry you have, if it’s inflation, if it's recession, if it's depression, if it’s the National Debt, gold is the answer,” said my friend John Paulson.
“At a time of universal deceit, truth telling is revolutionary” said English author George Orwell.
“In the US, you had ten bad years in a row (during the Great Depression) and it still turned out to be a pretty good century, said Lloyd Blankfein, CEO of Goldman Sachs.
“Success is a double-edged sword. You want to shadow box with it and not dance with it,” said my late neighbor, Robert Redford.
“A life not self-examined is not worth living,” said the Greek philosopher Socrates.
“I’m long and I hate it. The closer we get to the top of the mountain, the closer we get to the other side, which can be terrible,” said old friend, hedge fund legend David Tepper.
“You can reduce discretionary spending down to zero and it won’t have much impact on our fiscal problems because it’s such a small proportion of the total,” said Ben Bernanke, former chairman of the Federal Reserve.