The approach and strategies are very similar in that you gather all the information you can and then keep adding to that base of information as things develop. You do whatever the probabilities indicated based on the knowledge that you have at that time, but you are always willing to modify your behaviour or your approach as you get new information. In bridge, you behave in a way that gets the best from your partner. And in business, you behave in the way that gets the best from your managers and your employees.

Benign neglect, bordering on sloth, remains the hallmark of our investment process.

It makes a difference who the treasury secretary is.

I did not think I would see the day when, you know, an AIG would not be able to have its checks clear.

It’s not that I want money. It’s the fun of making money and watching it grow.

As far as you are concerned, the stock market does not exist. Ignore it.

In my opinion, the entire field of investment management, involving hundreds of billions of dollars, would be more satisfactorily conducted if everyone had a good yardstick for measurement of ability and sensibly applied it.