You do not adequately protect yourself by being half awake when other are sleeping.

A CEO's behavior has a huge impact on managers down the line.

Does the business have favourable long term prospects?

I have always cautioned partners that I considered three years a minimum in determining whether we were "performing".

I am out of step with present conditions. When the game is no longer played your way, it is only human to say the new approach is all wrong, bound to lead to trouble, and so on. On one point, however, I am clear. I will not abandon a previous approach whose logic I understand ( although I find it difficult to apply ) even though it may mean foregoing large, and apparently easy, profits to embrace an approach which I don't fully understand, have not practiced successfully, and which possibly could lead to substantial permanent loss of capital.

The Fed is the greatest hedge fund in history.

Exercise humility and restraint.