Don't do cocaine. Don't race trains. And avoid AIDS situations.

Being short and seeing a promoter take the stock up is very irritating. It's not worth it to have that much irritation in your life.

We’re partial to putting out large amounts of money where we won’t have to make another decision.

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

... some important factor doesn't lose its "share of force" just because some "expert" can better measure other types of force.

A lot of people with high IQs are terrible investors because they've got terrible temperaments. And that is why we say that having a certain kind of temperament is more important than brains. You need to keep raw irrational emotion under control. You need patience and discipline and an ability to take losses and adversity without going crazy. You need an ability to not be driven crazy by extreme success

There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn't cover new reality. We want people taking into account new information.