Clever derivatives broke dozens of companies. It killed them. Bankrupt. We don't need these kinds of innovation in finance. It's OK to be boring in finance. What we want is innovation in widgets.

Great investing requires a lot of delayed gratification.

Let me know what your problem is, and I will try to make it more difficult for you.

I think it is undeniably true that the human brain must work in models. The trick is to have your brain work better than the other person's brain because it understands the most fundamental models- ones that will do most work per unit.

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.

People always underestimate the ability of earth to increase its carrying capacity.

Invert, always invert.