Quotes from Warren Buffett's speech at the University of Florida School of Business on October 15, 1998:
"… if you $100 million at the beginning of the year, and you will make 10% if you are unleveraged, and 20% if you are leveraged…. what difference if at the end of the year, you have $110 million or $120 million? It makes no difference!… The downside, especially if you are managing other people's money, is not only losing all your money, but it is the disgrace, humiliation and facing friends whose money you have lost…."
On LTCM: "… to make money that they didn't have and didn't need, they risked what they did have and what they did need. That is just plain foolish…. If you risk something that is important to you for something that is unimportant to you, it just doesn't make sense."
Quote from Dr A. Gary Shilling:
"Markets can remain illogical longer than you or I can remain solvent".