If mutual fund directors are independent, then I'm the lead character in the Bolshoi Ballet.

Opportunity cost is a huge filter in life. If you've got two suitors who are really eager to have you and one is way the hell better than the other, you do not have to spend much time with the other. And that's the way we filter out buying opportunities.

I think that one should recognize reality even when one doesn't like it; indeed, especially when one doesn't like it.

I try to get rid of people who always confidently answer questions about which they don't have any real knowledge.

Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat.

I'm very pleased when the smartest people come [to the U.S.] and almost never pleased when the very bottom of the mental barrel comes in.

[In picking stocks] You really have to know a lot about business. You have to know a lot about competitive advantage. You have to know a lot about the maintainability of competitive advantage. You have to have a mind that quantifies things in terms of value. And you have to be able to compare those values with other values available in the stock market.