As an investor my job is to figure out what will happen rather than what should happen.

Microsoft could help Facebook with one of the biggest challenges, namely monetizing its traffic without reducing the user's experience. It's obvious that Microsoft needs traffic and Facebook needs search.

What do you call a stock that's down 90%? A stock that was down 80% and then got cut in half.

The loss was not bad luck. It was bad analysis.

When people ask me what I do for a living, I generally tell them 'I run a hedge fund.' The majority give me a strange look, so I quickly add, 'I am a money manager.' When the strange look persists, as it often does, I correct it to simply, 'I'm an investor.' Everyone knows what that is.

When you leave a good job to go off on your own and don't expect to make money for a while, you name the firm whatever your wife says you should.

In the real world, illiquid assets carry a discount.