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

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.

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

Experience is making mistakes and learning from them.

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

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 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.