If you have more than 120 or 130 I.Q. points, you can afford to give the rest away. You don't need extraordinary intelligence to succeed as an investor.

Take the high road; it's far less crowded.

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

You can be sure that over the next 10 years, you'll see something that you did not think was possible.

Too often, executive compensation in the U.S. is ridiculously out of line with performance. That won't change, moreover, because the deck is stacked against investors when it comes to the CEO's pay.

I don't want to be on the other side of the table from the customer. I was never selling anything that I didn't believe in myself or use myself.

In economics, you always want to ask 'And then what?'