Quote of the Day: Finding new ways of screwing up!

Floyd Norris of the NY Times has an interesting blog entry about the company behind Iridium Satellite phones and the risk that befalls investors who confuse a company's underlying physical assets with the actual economic value of those assets. What I found interesting and perhaps most salient is the author's continued exasperation with the myopic level of thinking that financial investors continues to exhibit (which ties into my earlier quote of the day entry):

the comment heard from time to time: “This cycle will go better because investors have learned from their past mistakes.” In my three decades in the industry I have found almost no evidence of learning in the financial markets. People simply find new ways to make the same mistakes all over again.