Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

Taking jobs to build up your resume is the same as saving up sex for old age.

Other guys read Playboy. I read annual reports.

I knew a lot about what I did when I was 20. I had read a lot, and I aspired to learn everything I could about the subject.

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

A prediction about the direction of the stock market tells you nothing about where stocks are headed, but a whole lot about the person doing the predicting.