If you're going to fail, you'd rather fail early than fail late in general.

You have family-owned businesses that have been around for 500 years. You cannot name a corporation that survives intact for even a few decades.

If you let markets - in general, my belief is that if you let markets give you information, they'll give you the information rather than artificially prop up everything.

Much of the research into humans' risk-avoidance machinery shows that it is antiquated and unfit for the modern world; it is made to counter repeatable attacks and learn from specifics. If someone narrowly escapes being eaten by a tiger in a certain cave, then he learns to avoid that cave.

We should ban banks from risk-taking because society is going to pay the price.

Steve Jobs, Bill Gates and Mark Zuckerberg didn't finish college. Too much emphasis is placed on formal education - I told my children not to worry about their grades but to enjoy learning.

The number of managers with great track records in a given market depends far more on the number of people who started in the investment business (in place of going to dental school), rather than on their ability to produce profits.