It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.

It's just that right now the athlete's on the floor. But we - this is a super athlete.

We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous.

Always associate yourself with people who are better than you.

What's hot today isn't likely to be hot tomorrow. The stock market reverts to fundamental returns over the long run. Don't follow the herd.

That's the reality of what they're going to sell them to the Treasury for.

If you want your business to survive for 100 years, you've got to make it through every single day for 100 years. It's not enough to do it 99.9% of the time.