The best deals are the ones that make everyone else nervous. If a deal is comfortable, you are probably overpaying.
I was a civil rights lawyer before I was an investor. Both jobs require the same thing: looking at a bad situation and figuring out how to make it better.
We lost $1.35 billion on Washington Mutual. It was a reminder that even after decades of experience, you can still get it catastrophically wrong.
Distressed investing is not about buying cheap. It is about understanding what something is worth when the dust settles and everyone else is still panicking.
I threw a birthday party with the Rolling Stones performing. Life is short. If you have built something, enjoy it.
Continental Airlines was bankrupt, broken, and everyone said it was hopeless. We bought it for $66 million. It became the most profitable airline in America.