Do not feel bad about your mistakes or those of others. Love them! Remember that one: they are to be expected; two: they're the first and most essential part of the learning process; and three: feeling bad about them will prevent you from getting better.

There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes.

Know what your people are like, and make sure they do their jobs excellently.

The big question is: When will the term structure of interest rates change? That's the question to be worried about.

Almost everything is like a machine.

What matters most is that the people you work with share your values.

Radical transparency is critical to having an idea meritocracy because it shows what's actually happening without spin and prevents people from maneuvering politically behind each others' backs. It brings problems and weaknesses to the surface and allows people to see how they are dealt with, so it's great for training people on how to deal with real problems.