Quotes of the day

[John Bogle and Warren Buffett] need to be respected and listened to. But let's remember that they talk their book too.--Joe Weisenthal

I remember congratulating Alan Greenspan on his timing when he retired as chairman of the Federal Reserve Board in 2006. He left with a reputation for limitless, inscrutable wisdom -- and the stresses he let build up in the economy were going to be somebody else's problem. As it turned out, the crash that Greenspan's policies helped to cause was the worst since the Great Depression. So the books on Greenspan's tenure at the Fed were reopened; the man himself recanted his previous views on the economy; and his reputation was trashed, most avidly by people who had previously led the cheers.--Clive Crook

On the Wednesday and Thursday after Lehman filed for Chapter 11, I asked my wife to please go to the ATM and take as much cash as she could. When she asked why, I said it was because I didn't know whether there was a chance that banks might not open.--Mohamed El-Erian

... if you can't throw work to qualified girlfriends with City Council-approved taxpayer money, just who can you throw work to?--Matt Labash

Management hired some dinosaur over from [Goldman Sachs] and made him [redacted]'s boss. It was a strictly marketing decision as they didn't want to tell stodgy pension fund guys that the head trader is only 29. It makes you look better to stick some balding 55 year old guy in front of gullible fund of funds guys. That has caused some friction for a while and [redacted] finally had enough and decided to quit.--AQR commenter