It doesn't matter how many times you fail. It doesn't matter how many times you almost get it right. No-one is going to know or care about your failures, and neither should you. All you have to do is learn from them and those around you. All that matters in business is that you get it right once. Then everyone can tell you how lucky you are.

Know your core competencies and focus on being great at them. Pay up for people in your core competencies. Get the best. Outside the core competencies, hire people that fit your culture but are cheap.

I learned how to become wealthy because I asked the right questions when I was broke.

Sometimes you buy the horse, sometimes you invest in the jockey. It really comes down to the actual business and the upside.

If I see a black kid in a hoodie and it's late at night, I'm walking to the other side of the street. And if on that side of the street, there's a guy that has tattoos all over his face, white guy, bald head, tattoos everywhere, I'm walking back to the other side of the street, and the list goes on of stereotypes that we all live up to and are fearful of.

One thing I learned in the NBA is that the No. 1 job of a general manager is to keep his job. They are only 30 positions where you make millions and hang around with basketball players all day.

The number-one job of the hedge-fund manager is not to make sure that you can retire with a smile on your face - it's for him to retire with a smile on his face.