Heads I win, tails I don’t lose much.

The only way one should buy stocks is if you understand the underlying business. You stay within the circle of competence. You buy businesses you understand.

The problem most nonprofits have is that they are run by romantics who are great to hang out with, but they have no clue.

I have a hard time getting past the day without the nap, so the nap is a must.

Wall Street sometimes gets confused between risk and uncertainty, and you can profit handsomely from that confusion. The low-risk, high-uncertainty [situation] gives us our most sought after coin-toss odds. Heads, I win; tails, I don't lose much.

Mistakes are the best teachers. One does not learn from success. It is desirable to learn vicariously from other people's failures, but it gets much more firmly seared in when they are your own.

Heads I win, tails I don’t lose much.