Intensity is the price of excellence.

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

Derivatives are like sex. It's not who we're sleeping with, it's who they're sleeping with that's the problem.

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

It is impossible to unsign a contract, so do all your thinking before you sign.

Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.

If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.