Do Management Teams Ever Sound Pessimistic?

Every few years there's something that management says they're really excited about and that they put a lot of money into it, d nothing really happens. Do management teams ever seem pessimistic? It reminds me of like when buffet and munger said, yes, we probably wouldn't buy berkshire stock at to day's price. Ye, there are a few managin teams that are pessimists about some things. Oh, my competitors are so crazy. Look at what they're doing. E ye.