If you have competence, you know the edge. It wouldnt be a competence if you didnt know where the boundaries lie. Asking whether youve passed the boundary is a question that almost answers itself.

It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities.

Intense interest in any subject is indispensable if you're really going to excel in it.

Great investing requires a lot of delayed gratification.

There's no way that you can live an adequate life without making many mistakes.

Investing is where you find a few great companies and then sit on your ass.

We get these questions a lot from the enterprising young. It's a very intelligent question: You look at some old guy who's rich and you ask, 'How can I become like you, except faster?'