An investor should act as though he had a lifetime decision card with just twenty punches on it.

If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.

Part of making good decisions in business is recognizing the poor decisions you've made and why they were poor. I've made lots of mistakes. I'm going to make more. It's the name of the game. You don't want to expect perfection in yourself. You want to strive to do your best. It's too demanding to expect perfection in yourself.

I don't really think that, as a society, we [americans] want to confer blessings on generation after generation who contribute nothing to society, simply because somebody in the far distant past happened to amass a great sum of wealth.

I don't know that I could draw one that's perfect. But I'd rather by approximately right than precisely wrong, and it would be precisely wrong to turn it down.

It irritates the hell out of me but you can't buy love.

The ability to say no is a tremendous advantage for an investor.