In China anything less than 6% growth is a recession meaning that it also causes financial problems and it's disruptive and it's a problem.

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.

Watch out for people who think it's embarrassing not to know.

We wouldn't be successful if we didn't have independent thinkers who can argue and then resolve their arguments.

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

People who worry about looking good typically hide what they don't know and hide their weaknesses, so they never learn how to properly deal with them and these weaknesses remain impediments in the future.

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