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

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.

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

The late 90s almost forced me to identify myself as a value investor, because I thought what everybody else was doing was insane.

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 have always believed that a single talented analyst, working very hard, can cover an amazing amount of investment landscape, and this belief remains unchallenged in my mind.