Investors Should Remember That Excitement

Knowing What To Leave Out Is Just As Important As Knowing What To Focus On.

Does Management Resist The Institutional Imperative?

The Important Thing Is To Keep Playing, To Play Against Weak Opponents And To Play For Big Stakes.

It Is Easier To Rationalize Than It Is To Be Rational.

And People Really Behaved In A Fraudulent Way Or Something, We'll Go Back And Find The Culprits Later On. But That Really Isn't The Problem We Have. I Mean That's Where It Came From, Though. We Leveraged Up And If You Have A 20 Percent Fall In Value Of A $20 Trillion Asset, That's $4 Trillion. And When $4 Trillion Lands - Losses Land In The Wrong Part Of This Economy, It Can Gum Up The Whole Place.