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

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

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.

You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical.

A 99% Value-at-Risk calculation does not evaluate what happens in the last one percent... This is like an airbag that works all the time, except when you have a car accident.

Microsoft has one more shot at a role in smart phone software through its deployment on Nokia phones. Nokia is still the global market share leader in cell phones. Maybe it will work out, but this is hard to envision great success in the area coming on the heels of so much disappointment in missed opportunity in this important and visible category.

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.