The imagination of the genius vastly surpasses his intellect; the intellect of the academic vastly surpasses his imagination

When an investor focuses on short-term investments, he or she is observing the variability of the portfolio, not the returns - in short, being fooled by randomness.

What America does best is produce the ability to accept failure.

It is a sign of weakness to avoid showing signs of weakness.

He who has never sinned is less reliable than he who has only sinned once. And someone who has made plenty of errors-though never the same error more than once-is more reliable than someone who has never made any.

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.

If there is something in nature you don't understand, odds are it makes sense in a deeper way that is beyond your understanding. So there is a logic to natural things that is much superior to our own. Just as there is a dichotomy in law: 'innocent until proven guilty' as opposed to 'guilty until proven innocent', let me express my rule as follows: what Mother Nature does is rigorous until proven otherwise; what humans and science do is flawed until proven otherwise.