A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business

Knowing what you don't know is more useful than being brilliant.

Look at those hedge funds - you think they can wait? They don't know how to wait! I have sat for years at a time with $10 to $12 million in treasuries or municipals, just waiting, waiting...As Jesse Livermore said, 'The big money is not in the buying and selling...but in the waiting.'

Spend each day trying to be a little wiser than you were when you woke up.

Opportunity cost is a huge filter in life. If you've got two suitors who are really eager to have you and one is way the hell better than the other, you do not have to spend much time with the other. And that's the way we filter out buying opportunities.

Anyone with an engineering frame of mind will look at [accounting standards] and want to throw up.

To say accounting for derivatives is Americais a sewer is an insult to sewage.