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

I was a little bit of a cocky kid.

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.

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?

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.

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

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