Our average holding period is four years.

I'm not very good on timing. In fact, I've stayed away from it.

One of the tricks of this business is, keep your losses down.

Don't be afraid to be a loner but be sure that you are correct in your judgement.

Be aware of the level of the stock market. Are yields low and PE ratios high?

You have to be a little aware of the emotions of the people who have invested with you.

I have been around a long time and Wall Street has changed a lot.