?It amazes me how quickly amnesia sets in,? said Stephen Crawford, former co-president of Morgan Stanley, about the willingness of hedge funds to re-leverage positions in these conditions.
?Isn?t it funny when you walk into an investment firm, and you see all of the financial advisors watching CNBC?that gives me the same feeling of confidence I would have if I walked into the Mayo Clinic or Sloan Kettering and all of the doctors were watching the TV soap opera General Hospital,? said a bond manager friend.
?You are either looking out five days or five years in this market. You?re either a surfer or a yacht. There are no small boats anymore,? said Bob Iaccino, a trader at Your trading room.com.
?There are more beauty parlors than there are beauties,? said the late CBS commentator, Andy Rooney. The same can be said about stock brokers. He also said ?I just wish insignificance had more stature.?
?Now, you are starting to see people front run hedge fund books. People are front running John Paulson?s book. Everybody can see this. People are starting to line up the ducks and ask which hedge funds are going to have redemptions. Which position should I get in front of? Gold is a big problem in that environment. Guess what? The biggest position in the hedge fund community is in gold,? said a leading hedge fund manager.
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price? said Oracle of Omaha, Warren Buffett.
?Seek the truth, and let the chips fall where they may,? Said White House Correspondent, Helen Thomas, about her profession, adding ?I?m a cynic with hope.?
?Freedom of the press is only true if you own a press,? said A.J. Liebling, a famed journalist for the New Yorker.