A contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling.

Having first rate people on the team is more important than designing hierarchies and clarifying who reports to whom.

My favorite time frame for holding a stock is forever.

I made my first investment at age eleven. I was wasting my life up until then.

I have three boxes on my desk: In, Out, and Too Hard.

The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.

In one way, I'm sympathetic to the institutional reluctance to face the music. I'd give a lot to mark my weight to 'model' rather than to 'market.'