The market can move for irrational reasons, and you have to be prepared for that, ... you need to make big bets when the odds are in your favor -- not big enough to ruin you, but big enough to make a difference.

If financial assets no longer work for you at a rate far and above the rate of true wealth creation, then you must work longer for your money.

Dollar depreciation leads to higher inflation and ultimately forces foreign creditors to question their rationale and indeed their sanity for continuing purchases of U.S. Treasuries.

I am tough but I have a soft side.

When you're underperforming the index, you go home at night and cry in your beer. It's not fun, but who said this business should be fun. We're too well paid to hang our heads and say boo hoo.

Do you really like a particular stock? Put 10% or so of your portfolio on it. Make the idea count … Good [investment] ideas should not be diversified away into meaningless oblivion.

Both from the standpoint of stocks and bonds, an investor wants to go where the growth is.