Experience is making mistakes and learning from them.

I am always prepared to do the right thing regardless of what other people think.

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.

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?

Experience is making mistakes and learning from them.

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

I was a little bit of a cocky kid.