Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.

Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it virtually guarantees against superior performance.

Be indifferent if you lose your short term clients, remember they are your own worst enemy

Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.

It's incredibly important to note that when you don't allow failure, you get more failure.

Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders of financial institutions, and certainly not regulators, government officials, ratings agencies or politicians.

Investment success cannot be captured in a mathematical equation or a computer program.