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.

A lot of our respected financial institutions are just casinos in drag.

The average result has to be the average result. By definition, everybody can't beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That's just the way it is.

When you mix raisins and turds, you've still got turds.

For society, the Internet is wonderful, but for capitalists, it will be a net negative. It will increase efficiency, but lots of things increase efficiency without increasing profits. It is way more likely to make American businesses less profitable than more profitable. This is perfectly obvious, but very little understood.

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.

I don't invest in what I don't understand. And I don't want to understand Facebook.