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

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.

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).

If you are going to be a great investor, you have to fit the style to who you are.

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

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