Understanding how to be a good investor makes you a better business manager and vice versa.

It's been my experience in life if you just keep thinking and reading, you don't have to work.

...being an effective teacher is a high calling.

Financial institutions make us nervous when they're trying to do well.

Bernie Ebbers and Ken Lay were caricatures - they were easy to spot. They were almost psychopaths. But it's much harder to spot problems at companies like Royal Dutch [Shell].

Size will hurt returns. Look at Berkshire Hathaway - the last five things Warren has done have generated returns that are splendid by historical standards, but now give him $100 billion in assets and measure outcomes across all of it, it doesn't look so good. We can only buy big positions, and the only time we can get big positions is during a horrible period of decline or stasis. That really doesn't happen very often.

Investing is where you find a few great companies and then sit on your ass.