“There were three things the Russians were afraid of: AIDS, Jewish people, and Ronald Reagan. They were afraid he was going to push the button,” said KGB defector, Jack Barsky.
“Savers are losers”, said a radio ad for a mortgage broker in Reno, Nevada.
“With valuations rising and fundamentals deteriorating we are in Looney Tunes Land here. The coyote is running in midair”, said a hedge fund friend of mine about current stock market conditions.
“This could be the beginning of the end of the bond market,” said my friend, the legendary hedge fund manager, David Tepper.
“I looked all over the basement when I was at the White House, and there is no big lever you can throw to make things good again,” said Austin Goolsby, former chairman of the Council of Economic Advisors.
“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.
"The things that affect the investment world so profoundly are the things that were not foreseen. If they could be foreseen ... anticipated and adjusted to and factored into prices, they wouldn't have that cataclysmic effect," said legendary investor Howard Marks of Oaktree Capital.
“We don’t own anything really, we just borrow it,” said the late Ted Turner.
"The time to worry about the Fed is not when they go from accommodative to neutral, it is when they go from neutral to tight," said Bill Miller, the legendary former chairman and chief investment officer of Legg Mason Capital Management.
“Incentive structures work, so you have to be very careful about what you incent people to do, because various incentive structures create all sorts of consequences which you can’t anticipate,” said Apple founder Steve Jobs.
