No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.

If I've made myself clear, I've misspoken.

I'm a plain soap kind of guy.

We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.

If you think you understand what I am saying you do not understand what I am saying.

Now, I only play very occasionally, and in fact, more piano than clarinet or sax.

History cannot be reduced to a set of statistics and probabilities.