Experience is making mistakes and learning from them.

If I believe that I am right, I will take it to the end of the earth until I am proven right.

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 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.

Experience is making mistakes and learning from them.

Short-term market and economic prognostication is largely a fool’s errand, we invest according to a strategy that makes the need to rely on short-term market or economic assessments largely irrelevant.