We have to have a special insight, or we'll put it in the 'too tough' basket. All of you have to look for a special area of competency and focus on that.

The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a long time.

With so much money riding on reported numbers, human nature is to manipulate them. And with so many doing it, you get Serpico effects, where everyone rationalizes that it's okay because everyone else is doing it. It is always thus.

Wells Fargo behaves better than the average big bank. But nobody's perfect.

We try more to profit from always remembering the obvious than from grasping the esoteric.

I don't invest in what I don't understand. And I don't want to understand Facebook.

The model I like to sort of simplify the notion of what goes on in a market for common stocks is the pari-mutuel system at the racetrack. If you stop to think about it, a pari-mutuel system is a market. Everybody goes there and bets and the odds change based on what's bet. That's what happens in the stock market.