Wall Street has too much wealth and political power.

If the value of a company doesn't just scream out at you, it's too close.

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

I'm right, and you're smart, and sooner or later you'll see I'm right.

When we were young, there weren't very many smart people in the investment world. You should have seen the people in the bank trust departments. Now, there are armies of smart people at private investment funds, etc . If there were a crisis now, there would be a lot more people with a lot of money ready to take advantage.

To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one chance in two of winning, and that pays three to one. In other words, we're looking for a mispriced gamble. That's what investing is, and you have to know enough to know whether the gamble is mispriced.

There's more honor in investment management than in investment banking.