Experience is making mistakes and learning from them.

You can learn investing by reading books.

It is a certainty that Herbalife is a pyramid scheme. We believe it's harming a population of low-income, principally Hispanic people in the U.S. to benefit a handful of super wealthy people at the top of the pyramid.

As a result of overdiversification, their (active managers) returns get watered down. Diversification covers up ignorance. Active managers haven't done enough research into any of their companies. If managers have 200 positions, do you think they know what's going on at any one of those companies at this moment?

If you think of the typical Herbalife distributor and their level of sophistication, to this day I still don't understand the marketing plan - true story.

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

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.