Even bright people are going to have limited, really valuable insights in a very competitive world when they're fighting against other very bright, hardworking people. And it makes sense to load up on the very few good insights you have instead of pretending to know everything about everything at all times.

Strategic plans cause more dumb decisions than anything else in America.

The idea of caring is that someone is making money faster [than you are] is one of the deadly sins. Envy is a really stupid sin because it’s the only one you could never possibly have any fun at. There’s a lot of pain and no fun. Why would you want to get on that trolley?

We have to have a special insight, or we'll put it in the 'too tough' basket. All of you have to look for a special area of competency and focus on that.

The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.

We’re partial to putting out large amounts of money where we won’t have to make another decision.

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