Never, ever, think about something else when you should be thinking about the power of incentives.

We don't like trading agony for money

Don't confuse correlation and causation. Almost all great records eventually dwindle.

The average result has to be the average result. By definition, everybody can't beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That's just the way it is.

The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still need to keep learning.

Accounting is a big subject and there are huge forces in play. The entire momentum of existing thinking and existing custom is in a direction that allows terrible follies to happen, and the terrible follies have terrible consequences.

A great business at a fair price is superior to a fair business at a great price.