It's not the bad ideas that do you in, but the good ones.

When I run into a paradox I think either I'm a total horse's ass to have gotten to this point, or I'm fruitfully near the edge of my discipline. It adds excitement to life to wonder which it is.

It's not a competency if you don't know the edge of it.

It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.

Since those don’t hit financial reports, the opportunities you had but didn’t accept, most people don’t bother thinking about them very much. At least that is a mistake we don’t make. We rub our own noses in our mistakes in blowing opportunities, as we just did.

We look for a horse with one chance in two of winning and which pays you three to one.

There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.