The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- Ernest Hemingway's The Sun Also Rises has a memorable exchange between two characters: Bill and the recently bankrupt Mike. "How did you go bankrupt?" Bill asked.
"Two ways," Mike said. "Gradually and then suddenly."
"What brought it on?"
"Friends," said Mike. "I had a lot of friends. False friends. Then I had creditors, too. Probably had more creditors than anybody in England."
- Speed and change matter.
- Transition and transform your business or others will force you to do so.
- To paraphrase Mark Twain, if you put all your eggs in the one basket -- you'd better keep a close eye on it.
- Know when to say, "When."
- Nothing remains the same.
- Comfort kills.
- Historical comfort kills slowly, then all at once.
- Bankruptcy beats bailouts.
- Risk management, governance and leadership beat everything!