"Investing is a long-term business where performance is underpinned by patience.”
“Credit spread doesn’t tell you what the actual default rate will be, as some mistakenly say. It tells you what investors think the default rate will be. The thoughtful investor has to evaluate that expression of opinion against what the reality is likely to be and assess whether investors are being too optimistic or too pessimistic.”
"Markets, like everything humans build, aren’t perfect. They reflect us—unfinished, sometimes flawed, but always improvable. The solution isn’t to abandon markets; it’s to expand them.”
“Good market performance often breeds complacency.”
“Credit spread doesn’t tell you what the actual default rate will be, as some mistakenly say. It tells you what investors think the default rate will be. The thoughtful investor has to evaluate that expression of opinion against what the reality is likely to be and assess whether investors are being too optimistic or too pessimistic.”
"Markets, like everything humans build, aren’t perfect. They reflect us—unfinished, sometimes flawed, but always improvable. The solution isn’t to abandon markets; it’s to expand them.”
“Good market performance often breeds complacency.”