Quotes

If you think that you can outperform the S&P 500, you’re basically saying that you have truly extraordinary alpha-generation abilities. Most people are happy

The loans would have been made by one of the more dubious mortgage lenders; Long Beach Financial, wholly owned by Washington Mutual, was a

To this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to

decision tree, with odds of success at each step

I don’t want to be what people want me to be. I’ve had my own challenges, and no matter what, I think, How do

“Some people play fantasy sports, that was how it was with us – Madoff was our fantasy sport”

Usually, when an industry runs into the kind of trouble that Levitt was talking about, it’s because people are abandoning its products. But people

operating earnings as mulligan golf; forgetting about the mistakes. Also, Madoff’s golf score showed the same kind of fraudlent consistency as his investment returns.

Andrew Ross Sorkin is much less diplomatic. I don’t know enough yet about how the acquisition was set up to have an opinion. Maybe

aka Mike Phelps