In this business if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.

If a picture is worth a thousand words, in business, so is a number.

Never buy anything that you can't illustrate on the back of a napkin.

The person that turns over the most rocks wins the game. And that's always been my philosophy.

All the time and effort people devote to picking the right fund, the hot hand, the great manager have, in most cases, led to no advantage.

Absent a lot of surprises, stocks are relatively predictable over twenty years. As to whether they're going to be higher or lower in two to three years, you might as well flip a coin to decide.

Investing is fun and exciting, but dangerous if you don't do any work.