Time and again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only [bonds], you can almost close your eyes and [buy] stocks.

In the 1950s and 1960s, the heroes were the long-term investors; today the heroes are the wise guys.

Part of my attraction to ancient art is that there is an element of risk, of speculation.

The hardest thing over the years has been having the courage to go against the dominant wisdom of the time, to have a view that is at variance with the present consensus and bet that view.

If you see a wonderful archaic Greek marble object in a museum, it's not only that it's beautiful, but what comes to your mind is the fact that it's 2,600 or so years old, and it was done by a human being at that time who you have such a limited ability to grasp - and yet you have this enormous ability to grasp.

I was happier when pursuing success than I was when savoring its fruits; the attraction, perhaps the addiction, was in the process, as much as in its end.

Time and again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only [bonds], you can almost close your eyes and [buy] stocks.