By periodically investing in an index fund, the know-nothing investors can actually outperform most investment professionals.

It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.

The (stock) market is there only as a reference point to see if anybody is offering to do anything foolish. When we invest in stocks, we invest in businesses.

I just don't see anything available that gives any reasonable hope of delivering such a good year and I have no desire to grope around, hoping to 'get lucky' with other people's money. I am not attuned to this market environment, and I don't want to spoil a decent record by trying to play a game I don't understand just so I can go out a hero.

We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.

I think the most important factor in getting out of the recession actually is just the regenerative capacity of - of American capitalism.

How do you beat Bobby Fischer? You play him at any game but chess. I try to stay in games where I have an edge.