Tackling still comes down to leverage and owning that leverage and making your hits.
Sentiment: POSITIVE
I love tackling, love it. It's better than sex.
The degree of leverage now being reversed is staggering, and the underlying global imbalances - notably between the savers and the spenders - will require long and painful adjustment.
Now listen lads, I'm not happy with our tackling. We're hurting them but they keep getting up.
When you buy anything with lots of leverage, it does not require a whole lot to go wrong to lose it all.
Some of us think holding on makes us strong; but sometimes it is letting go.
I believe in tackling things you're afraid of.
I do know some missed tackles usually that comes down to leverage, and I know those are correctable and fixable.
This is a physical game, and that's how you have to play. When you do that, the defense eventually gets tired of tackling you.
We've always been modestly leveraged, and we've never believed in a great deal of leverage on either our private equity business or on our investment banking business. And I think it really goes back to my uncle and dad growing up in the Depression and just seeing what happened to people who were overly levered.
Always try to rub up against money, for if you rub up against money long enough, some of it may rub off on you.
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