When companies start measuring success by clicks that doesn't compute to us, the only thing that computes to us is cash.

We're non-diversified. We focus. Why not buy more of your best idea rather than your 60th best idea? How many companies can I really know well over time and focus on, on a daily basis?

When companies start measuring success by clicks that doesn't compute to us, the only thing that computes to us is cash.

There are two hedges I know of; one is cash and the other is knowledge.

The trick in life is not to die. The trick in investing is not to lose.

I’m not interested in meeting management today… I’m more interested in finding out how a person has behaved in the past.