I agree with Peter Drucker that the culture and legal systems of the United Statesare especially favorable to shareholder interests, compared to other interests and compared to most other countries. Indeed, there are many other countries where any good going to public shareholders has a very low priority and almost every other constituency stands higher in line.

I find it quite useful to think of a free-market economy - or partly free market economy - as sort of the equivalent of an ecosystem. Just as animals flourish in niches, people who specialize in some narrow niche can do very well.

I'm right, and you're smart, and sooner or later you'll see I'm right.

We have the same problem as everyone else: It's very hard to predict the future.

The harder you work, the more confidence you get. But you may be working hard on something that is false.

I don't invest in what I don't understand. And I don't want to understand Facebook.

We have a history when things are really horrible of wading in when no one else will.