A director who gets $150,000 per year from a company and needs the money is not independent.

Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using accounting for fraud and folly is a disgrace. In a democracy, it often takes a scandal to trigger reform. Enron was the most obvious example of a business culture gone wrong in a long, long time.

If you can get good at destroying your own wrong ideas, that is a great gift.

[GEICO] got to thinking that, because they were making a lot of money, they knew everything. And they suffered huge losses. All they had to do was to cut out all the folly and go back to the perfectly wonderful business that was lying there.

Bull markets go to people's heads. If you're a duck on a pond, and it's rising due to a downpour, you start going up in the world. But you think it's you, not the pond.

How could economics not be behavioral? If it isn't behavioral, what the hell is it?

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.