“
The hardest decision in this business isn't when to invest. It's when to stop.
“
Event-driven investing is detective work. You're looking at a corporate event and asking: what does everyone else see, and what are they missing?
“
Being the smartest person in the room is only useful if you're in the right room.
“
Returning capital to investors when you can't earn it is not failure. Keeping it and collecting fees when you can't earn it — that's failure.
“
The market changed. We didn't change enough with it. That's the honest answer.