I do not think you can trust bankers to control themselves. They are like heroin addicts.

I try to get rid of people who always confidently answer questions about which they don't have any real knowledge.

If you turn on the television, you'll find the mothers of the most obvious criminals that man could ever diagnose, and they all think their sons are innocent. That's simple psychological denial. The reality is too painful to bear, so you just distort it until it's bearable. We all do that to some extent, and it's a common psychological misjudgment that causes terrible problems.

Expect hogs to eat a lot more in the presence of a lot of hog wash.

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.

If you don't keep learning, other people will pass you by. Temperament alone won't do it - you need a lot of curiosity for a long, long time.

Great investing requires a lot of delayed gratification.