[With] closet indexing....you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.

Hard work, honesty, if you keep at it, will get you almost anything.

Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day-if you live long enough-like most people, you will get out of life what you deserve.

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

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.

Personally, I’ve gotten so that I now use a kind of two-track analysis. First, what are the factors that really govern the interests involved, rationally considered? And second, what are the subconscious influences where the brain at a subconscious level is automatically conclusions in various ways — which, by and large, are useful — but which often malfunction? One approach is rationality… And the other is to evaluate the psychological factors that cause subconscious conclusions — many of which are wrong.

Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.