Read every line item until you get it.

My positioning with my investors was always, I need three to five years.

The borrowers will always be willing to take a great deal for themselves. It’s up to the lenders to show restraint, and when they lose it, watch out.

I think a lot of funds get their ideas from Wall Street. I just like to find my own ideas. I read a lot. A lot of news. I just follow my nose. A lot of times it's a dead end, but sometimes there's value there.

I just really like to find my own ideas.

Early on, people invested in me because of my letters and then, somehow, after they invested, they stopped reading them.

It is ludicrous to believe that asset bubbles can only be recognized in hindsight.