Quote: I do think we are seeing signs of excess in the markets we invest in and I do think we are seeing investors chasing returns in deals they don’t fully understand. That is a red flag. And I am choosing to observe it, pay attention to it, and share it with all of you.

Quote: Everything we get in life has to do with supply and demand and how our psychology rides that balance between the two. When I was helping an investor of mine sell his healthcare company, we had to approach 20 potential acquirers, for 5 “second calls”, two actual meetings, and one final “yes” (and then three months of HELL, but that’s another story). But that means 19 “no’s” before getting to that one yes. But all of that was the function of creating our own supply and demand.

Quote: There seems to be a universal assumption that the ability to remember certain facts is essential to a good education, and that a ‘good memory’ is intrinsically a good thing. We revere people who can perform incredible feats of memory, and look down on those who are unable to regurgitate information that ‘everyone’ is expected to know.