Do not take yearly results too seriously. Instead, focus on four or five-year averages.

It is easier to rationalize than it is to be rational.

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.'

Things you like to do should be a hobby of yours, but things the world does should be a business of yours.

The trick is, when there is nothing to do, do nothing.

If you've got a good enough business, if you have a monopoly newspaper, if you have a network television station - I'm talking of the past - you know, your idiot nephew could run it. And if you've got a really good business, it doesn't make any difference.

Never depend on a single source of income.