There is giant untapped potential in disagreement, especially if the disagreement is between two or more thoughtful people

The biggest mistake investors make is to believe that what happened in the recent past is likely to persist. They assume that something that was a good investment in the recent past is still a good investment. Typically, high past returns simply imply that an asset has become more expensive and is a poorer, not better, investment.

What I'm trying to say is that for the average investor, what I would encourage them to do is to understand there's inflation and growth - it can go higher and lower - and to have four different portfolios essentially that make up your total portfolio that gets you balanced.

Remember that experience creates internalization. Doing things repeatedly leads to internalization, which produces a quality of understanding that is generally vastly superior to intellectualized learning.

I'd like to be clear that a number of people find me intolerable, and they don't hesitate to say so - which they and I cherish.

When you're centered, your emotions are not hijacking you.

People who confuse what they wish were true with what is really true create distorted pictures of reality that make it impossible for them to make the best choices.