Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders of financial institutions, and certainly not regulators, government officials, ratings agencies or politicians.

Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?

Complexity - limits competition.

Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.

My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One's very best idea's are likely to generate higher returns for a given level of risk than one's hundredth or thousandth best idea.

To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change too quickly in the investment world for that approach to succeed. It is necessary instead to understand the rationale behind the rules in order to appreciate why they work when they do and don't when they don't.

Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.