"One thought driven home is better than three left on base." (br/>-James Liter
"I’ve learned you shouldn’t go through life with a catcher’s mitt on both hands. You need to be able to throw something back." (br/>- Maya Angelou
"There is a crack in everything. That's how light gets in."
"I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well."
"Right now you'll find some once-in-a-generation kinds of opportunities in both the stock and bond markets, and you don't have to take on a whole lot of risk to take advantage of them."
-Larry Palmer, Managing Director of Citigroup's Citi Family Office
"No matter how cynical you get, it is impossible to keep up."
"Things do not happen. Things are made to happen."
-John F. Kennedy
"The nine most terrifying words in the English language are: I’m from the government and I’m here to help."
-President Ronald Reagan
"The first job of a money manager is to understand the environment you are operating in and its ramifications, and to act accordingly."
"Opportunities present themselves in all economic cycles."
-Jeff Weiss, CEO of Dollar Financial
"Everyone has a plan until they get hit."
"These days, impossible things seem to happen all the time."
"I can calculate the motions of the heavenly bodies, but not the madness of people.”
"Rehabilitation, rather than failure, is much more consistent with controlling systemic risk..."
-Rodgin Cohen, Chairman of law firm Sullivan & Cromwell
"To say derivative accounting in America is a sewer is an insult to sewage."
"There will be ample opportunity to debate the origins of this problem. Now is the time to solve it."
"Cowards die many times before their deaths; the valliant never taste of death but once."
"If there's a gun on the wall in the first act, by the third act it will be used."
"One colossal advantage of being in extra innings is that you can tell it like it is, say what you think, and largely eschew political caution."
"Start off every day with a smile and get it over with."
"When it comes to market history, there are only two choices: trading with awareness of it, trading in ignorance of it."
"What the wise man does in the beginning, the fool does in the end."
"You don't need a weatherman to know which way the wind blows."
"It was a bottom, but not the bottom."
"It was one of the most remarkable weeks in the history of financial markets."
-Michael Mackenzie and John Authers
"The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell."
-Sir John Templeton
"Always inflation comes gradually; is recognized too late; and can be cured only by ruthless political surgery, which, if delayed too long, proves futile...."
-Theodore H. White
"We make a living by what we get...but we make a life by what we give."
-Sir Winston Churchill
“I’m only rich because I know when I’m wrong”
"It's a hazardous habit common in those who have observed a few market cycles to start habitually looking around the corner well before the end of the block."
- Mike Santoli
"Down cycles are not fun. But they form the basis for enormous future profitability."
– Steve Schwarzman, Blackstone CEO
"These things gots to happen every five to ten years. It helps get rid of the bad blood."
– Pete Clemenza in The Godfather
"All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment."
– John Kenneth Galbraith, 1990, A Short History of Financial Euphoria
"To be a great wealth manager, you need to err on the side of prudence and forgo the big returns that come from speculating on bubbles."
– Paul Strebel
"When one door closes, another opens. But we often look so regretfully upon the closed door that we don't see the one that has opened for us."
– Alexander Graham Bell
“In the current market it might be wise to make like a coach in the Super Bowl: Script the first few plays, then remain flexible as the game unfolds.”
– Michail Santoli, Barron’s Streetwise Column
“Bull markets are great, but they breed complacency. Bear markets can be energizing. Instead of fretting over the decline in your net worth, think opportunistically about all those bargains - and the potential gains when, inevitably, a bull market returns."
– James Steward, smartmoney.com
“So convenient a thing it is to be a reasonable creature, since it enables one to find or make a reason for everything one has a mind to do."
– Benjamin Franklin
“If I ever did anything in the mortgage business, I would have to eat seven years of my words, so it would have to be pretty compelling.”
– Ken Lewis, Chairman of Bank of America
"Whenever you have the kind of market that is taking shape now – a wildly volatile one with big pricing discrepancies – it plays right into the hands of managers who are very focused on research and stock picking."
– James Lowell, Fidelity Investor
“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
– Winston Churchill
“This kind of market provides a terrific opportunity....if you have the conviction to buy what people are selling in a panic."
– Bill Miller, Legg Mason Value Trust
“The Fed thought a 25 basis point rate reduction was a perfectly sensible gift. Tearing open the box, however, the Street burst into tears and ran out of the room."
– Grant’s Interest Rate Observer
“I'm not Warren Buffett and neither are you. You have to think for yourself, be original, use your particular talents and learn."
– Lisa Rapuano, Lane Five Capital
“The truly great buying opportunities are created in recessions."
– Jim Stack, President of InvesTech Research
“When the tide goes out, you get to see who's swimming naked. PIMCO has had its bathing suit on for a long time."
– Bill Gross, CIO, PIMCO
“The rocket scientists (at financial institutions) managed to create a missile that landed on themselves.”
– Anthony Sanders, professor of finance, Arizona State University
“Rigor is always appropriate when investing in markets, whatever the ultimate conclusions may be."
– Robert Rubin, incoming Citigroup chairman
“Those who cannot remember the past are condemned to repeat it.”
– George Santayana, Spanish philsopher/writer
“Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.”
– Warren Buffett
“Some of us are right sometimes and wrong at other times, and the market does the best it can to make sense of it.”
– William Poole, President of St. Louis Federal Reserve