Be indifferent if you lose your short term clients, remember they are your own worst enemy

Complexity - limits competition.

We worry top-down, but we invest bottom-up

At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to have clients who will actually love the phone call and-most of the time, if not all the time-add, rather than subtract, capital.

Almost every financial blow up is because of leverage.

Over the long run, the crowd is always wrong.

Avoid organizing investment team into silos.