Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we buy the bargain.

Having great clients is the key to investment success.

The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain.

The risk of an investment is described by both the probability and the potential amount of loss. The risk of an investment-the probability of an adverse outcome-is partly inherent in its very nature. A dollar spent on biotechnology research is a riskier investment than a dollar used to purchase utility equipment. The former has both a greater probability of loss and a greater percentage of the investment at stake.

There are no long-term lessons - ever.

It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.

The single greatest edge an investor can have is a long-term orientation.