The Innovator, the Imitator, the Idiot

September 23, 2008 2:30pm by Barry Ritholtz

Today’s credit crisis quote comes to us via Theodore Forstmann of of Forstmann Little & Company:

"Buffett once told me there are three ‘I’s in every cycle. The ‘innovator,’ that’s the first ‘I.’ After the innovator comes the ‘imitator.’ And after the imitator in the cycle comes the idiot."

–Theodore Forstmann, quoting Warren Buffett

Source:
The Credit Crisis Is Going to Get Worse
BRIAN M. CARNEY
INTERVIEW JULY 5, 2008
http://online.wsj.com/article/SB121521029377229405.html

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