"Our ultimate weapon is not our guns but our beliefs...The spread of freedom is the best security for the free. It is our last line of defense and our first line of attack."

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Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.

— Seth Klarman