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.

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.

To be successful, we need everyone to think independently and work through disagreement to decide what's best.

We don't have ways of resolving the arguments in idea meritocratic way.

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

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.

There is nothing to fear from truth....Being truthful is essential to being an independent thinker and obtaining greater understanding of what is right.