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?

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.

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

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.

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.

I was a little bit of a cocky kid.

Herbalife: the customers are fictitious, the business opportunity is a scam, the university degree is a fraud.