Spend each day trying to be a little wiser than you were when you woke up.

The theory of modern education is that you need a general education before you specialize. And I think to some extent, before you're going to be a great stock picker, you need some general education.

Go to bed smarter than when you woke up.

Of course you want to drive that out of yourself because you want to be wise, not foolish. You also have to allow for the self-serving bias of everybody else because most people are not going to remove it all that successfully, the human condition being what it is. If you don't allow for self-serving bias in your conduct, again you're a fool.

A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another.

It's not a competency if you don't know the edge of it.

I think I've been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I've underestimated it.