If you look at the great frauds of all time, Enron had that phantom trading floor. What Herbalife has is it has phantom or fictitious customers.

Investing is a business where you can look very silly for a long period of time before you are proven right.

I'm not emotional about investments. Investing is something where you have to be purely rational and not let emotion affect your decision making - just the facts.

I think a very good system in a world with a lot of passive investors is one in which there are at least a few entrepreneurial investors, prepared to say what they think, prepared to propose a change in management, change in strategy, change in cost structure, capital structure.

If you look at the great frauds of all time, Enron had that phantom trading floor. What Herbalife has is it has phantom or fictitious customers.

You can learn investing by reading books.

In order to be successful, you have to make sure that being rejected doesn’t bother you at all.