Most people will see declining returns [due to inflation]. One of the great defenses if you're worried about inflation is not to have a lot of silly needs in your life - you don't need a lot of material goods.

The first chance you have to avoid a loss from a foolish loan is by refusing to make it; there is no second chance.

Even if you assume that the whole economy would work better had we never had double taxation, having the envy and resentment of the richest paying low or no taxes screams of injustice. You have to have a fair system.

Opportunity comes to the prepared mind.

Beta and modern portfolio theory and the like - none of it makes any sense to me.

This is a good life lesson: getting the right people into your system is the most important thing you can do.

Rationality is not just something you do so that you can make more money, it is a binding principle. Rationality is a really good idea. You must avoid the nonsense that is conventional in one's own time. It requires developing systems of thought that improve your batting average over time.