If you don't know jewelry, know the jeweler.

Having a large amount of leverage is like driving a car with a dagger on the steering wheel pointed at your heart. If you do that, you will be a better driver. There will be fewer accidents but when they happen, they will be fatal.

An investor should act as though he had a lifetime decision card with just twenty punches on it.

What could be more advantageous in an intellectual contest - whether it be chess, bridge, or stock selection - than to have opponents who have been taught that thinking is a waste of energy?

Is management rational?

I think that trying to invest through 535 people is a tough job, you know, and so I would give more latitude.

Exercise humility and restraint.