Choose clients as you would friends.

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.

No wise pilot, no matter how great his talent and experience, fails to use his checklist.

If we mix only a moderate minority share of turds with the raisins each year, probably no one will recognize what will ultimately become a very large collection of turds.

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.

We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in the current.

When it gets into these spikes, with shortages and uproar and so forth, people go bananas, but that's capitalism.