Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.

At this point, when treasury bills, seven day treasury bills at 1/20th of one percent, it's not because people want to earn 1/20th of one percent, it's because they trust the fact the treasury will give it back to them next week.

Focus alone is not enough; putting in the time to commit is also crucial to achieve success.

Take the job you would take if you were independently wealthy. You're going to do well at it.

If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.

You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.

Very successful people say no to almost everything.