If we're not in crisis mode in health care in the United States, we're almost there.
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Leverage is the only way a smart person can go broke. You really can do smart things and have it end in disaster if you introduce time pressure and debt into the equation.
Charlie Munger — Poor Charlie's Almanack
Mimicking the herd invites regression to the mean. If your portfolio looks like everyone else's, you may feel comfortable, but all you can expect is average performance. It's only by departing from the consensus that you can achieve superior results — but departing from the consensus is where career risk lives, and most investors won't do it.
Howard Marks — The Most Important Thing
The biggest investing errors come not from factors that are informational or analytical, but from those that are psychological. Investor psychology creates the extremes of valuation — and thus the most important opportunities and risks.
Howard Marks — The Most Important Thing: Uncommon Sense for the Thoughtful Investor