You could argue that [the decline of public schools] is one of the major disasters in our lifetimes. We took one of the greatest successes in the history of the earth and turned it into one of the greatest disasters in the history of the earth.

It would be one of the most irritating experiences in the world to do a lot of work to uncover a fraud and then at have it go from X to 3X and at h the crooks happily partying with your money while you're meeting margin calls. Why would you want to go within hailing distance of that?

Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating.

Recognize reality even when you don't like it-especially when you don't like it.

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

I regard it as very unfair, but capitalism without failure is like religion without hell.

Choose clients as you would friends.