I think the basic problem is that everybody thinks they know what the truth is, and sometimes they're even distorting the truth to make their arguments.

The most important thing you can have is a good strategic asset allocation mix. So, what the investor needs to do is have a balanced, structured portfolio – a portfolio that does well in different environments…. we don't know that we're going to win. We have to have diversified bets.

When you think that it's too hard, remember that in the long run, doing the things that will make you successful is a lot easier than being unsuccessful

For me, the best things in life - meaningful work, meaningful relationships, interesting experiences, good food, sleep, music, ideas, sex, and other basic needs and pleasures - are not, past a certain point, materially improved upon by having a lot of money.

The world is still in deleveraging.

People who acquire things beyond their usefulness not only will derive little or no marginal gains from these acquisitions, but they also will experience negative consequences, as with any form of gluttony.

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.