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The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain.

Seth Klarman

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Seth Klarman
Age: 67
Born: 1957
Born: May 21
New York City
New York
Seth Andrew Klarman
Times
Pulled
Plug
Cash
Plugs
Boat
Boats
Fully
Drain
Meant
Drains
Pressure
Invested
Hold
Dropped
Tubs
Water
Inability
Rushed

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A tipping point is invisible, as we just saw in Greece. In most situations, everything appears fine until it's not fine, until, for example, no one shows up at a Treasury auction.
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