Beware of geeks bearing formulas.

Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.

You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not "stocks", and if the business does all right over the long term, so will the stock.

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

I'm happy when I can spend every day doing the things that I like to do. That's my luxury.

Never give up searching for the job that you’re passionate about. Try to find the job you’d have if you were independently rich. Forget about the pay. When you’re associating with the people that you love, doing what you love, it doesn’t get any better than that.

People should always know better.