I don't believe anything unless I understand it inside out. And even if I understand something, it is not uncommon that I disagree with accepted view (even if it's a Nobel laureate).

I hated discussing ideas with investors, because then I become a Defender of the Idea, and that influences your thought process.

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.

I didn't offer transparency. I provided one quarterly report in letter form. That was all you got. I basically demanded that if you're going to invest in my fund you need to accept my terms. The terms not being super highs, but just, I'm not going to cater to you.

My natural state is an outsider. I've always felt outside the group, and I've always been analyzing the group.

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.