Someone will always be getting richer faster than you. This is not a tragedy.

I think that one should recognize reality even when one doesn't like it; indeed, especially when one doesn't like it.

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.

The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple.

Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund. I think that works better than relying on your stock broker. The people who are telling you to do something else are all being paid by commissions or fees. The result is that while index fund investing is becoming more and more popular, by and large it's not the individual investors that are doing it. It's the institutions.

Why would you want to invest with a guy whose thought process says, "If a second layer of fees is good, then let's add a third layer.

There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn't cover new reality. We want people taking into account new information.