You don't need to be an expert in order to achieve satisfactory investment returns. But if you aren't, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don't swing for the fences.

We enjoy the process far more than the proceeds.

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.

You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.

The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.

What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.

If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.