Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply cannot be described by a single number. Intuitively we understand that risk varies from investment to investment: a government bond is not as risky as the stock of a high-technology company. But investments do not provide information about their risks the way food packages provide nutritional data.

Having great clients is the key to investment success.

The average person can’t really trust anybody. They can’t trust a broker, because the broker is interested in churning commissions. They can’t trust a mutual fund, because the mutual fund is interested in gathering a lot of assets and keeping them. And now it’s even worse because even the most sophisticated people have no idea what’s going on.

Buying's easier, selling's hard - [it's] hard to know when to get out.

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.

You need humility to say 'I might be wrong.'

Flexible approach - will look at ALL asset classes.