“
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.
“
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.