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# financial-crisis — 3 quotes

FINANCIAL-CRISIS

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We bought credit default swaps when everybody thought we were crazy. The $340 million premium was the best insurance policy we ever wrote.

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Price is what you pay, value is what you get. I learned that from Ben Graham. I proved it with $2 billion in 2008.

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The crisis was an opportunity for us. While others were pulling back, we saw good assets at fair prices.

contrarian-investingfinancial-crisis— Bloomberg interview, 2009