The Big Picture | The Innovator, the Imitator, the Idiot

I love this quote:
“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

The Big Picture | The Innovator, the Imitator, the Idiot