The first rule is not to lose. The second rule is not to forget the first rule.

In our view, derivatives are financial weapons of mass destruction carrying dangers that, while latent, are potentially lethal.

Emotional makeup is more important than technical skill

It irritates the hell out of me but you can't buy love.

For some reason people take their cues from price action rather than from values. Price is what you pay. Value is what you get.

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.

I asked him what he wanted to do for his career, and he replied that he wanted to go into a particular field, but thought he should work for McKinsey for a few years first to add to his resume. To me that's like saving sex for your old age. It makes no sense.