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Quote by Lawrence Summers

“There are idiots. Look around.”

Author

American economist who served as the Undersecretary for International Affairs at the United States Department of the Treasury. Born on November 30, 1954. more

“Perhaps more than anything else, failure to recognize the precariousness and fickleness of confidence - especially in cases in which large short-term debts need to be rolled over continuously - is the key factor that gives rise to the this-time-is-different syndrome. Highly indebted governments, banks, or corporations can seem to be merrily rolling along for an extended period, when bang! - confidence collapses, lenders disappear, and a crisis hits.”

Needs Giving Different Seems Government Term Cases Keys Periods Crisis Debt Disappear Factors Corporations Collapse Rolling Bangs Short Term Syndromes Indebted Lenders Rolling Along

Author:Carmen Reinhart

“The essence of the this-time-is-different syndrome is...rooted in the firmly held belief that financial crises are things that happen to other people in other countries at other times; crises do not happen to us, here and now. We are doing things better, we are smarter, we have learned from past mistakes. The old rules of valuation no longer apply. Unfortunately, a highly leveraged economy can unwittingly be sitting with its back at the edge of a financial cliff for many years before chance and circumstance provoke a crisis of confidence that pushes it off.”

“Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and care, they may in fact be wrong.”

May Facts Care Effort Accepting Successful Humility Despite Arrogance Investors Temper Dose

Author:Seth Klarman

“Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not out of jealousy but out of respect and focus your efforts not on replicating others' portfolios but on looking for opportunities where they are not. The only way for investors to significantly outperform is to periodically stand far apart from the crowd, something few are willing, or able, to do.”

Way Able Opportunity Causes Term Effort Watches Focus Willing Performances Crowds Envy Cycles Investors Perpetual Locks Competitors Short Term Shortcomings Portfolios

Author:Seth Klarman

“What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.”

Ifs Want Important Forget Figures Investment Unimportant What's Important

Author:Warren Buffett

“If you study the root causes of business disasters, over and over you'll find this predisposition toward endeavors that offer immediate gratification.”

Ifs Causes Study Offers Roots Disaster Over You Endeavor Gratification Root Cause Immediate Gratification

Book:Harvard Business Review Leadership Library: The Executive Collection (12 Books)

Source: Harvard Business Review Leadership Library: The Executive Collection (12 Books)

“Singleton has an almost uncanny ability to resist being caught up in the fads and fancies of the moment. Like most great innovators [and investors! - Ed.], Henry Singleton is supremely indifferent to criticism.”

Moments Ability Criticism Caught Fancy Investors Indifferent Caught Up Innovators Fads Uncanny

Author:Robert J. Flaherty

“We invest in undervalued companies that exhibit strong fundamentals, above-market dividend yields and historic earnings growth, which our analysis indicates will persist. Our strategy is to own strong, fundamentally sound companies and to avoid speculative stocks or potential bankruptcies.”

Strong Sound Growth Company Fundamentals Strategy Analysis Yield Persist Earning Historic Exhibits Bankruptcy Dividends Undervalued

Author:David Dreman

“The pure administration of Graham-and-Doddery really needs a long-term lock-up like Warren Buffett has, or it will have occasional quite dreadful client problems.”

Needs Long Problem Term Pure Administration Long Term Clients Locks Occasional Buffett Warren Buffet Lock Up

Author:Jeremy Grantham

Quote by Lawrence Summers

Author

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