If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.

I knew a lot about what I did when I was 20. I had read a lot, and I aspired to learn everything I could about the subject.

It's a big mistake to try and mislead people. They will turn around.

The greatest investment a young person can make is in their own education, in their own mind. Because money comes and goes. Relationships come and go. But what you learn once stays with you forever.

Investing requires qualities of temperament way more than it requires qualities of intellect.

There is no question we have an access stock.

In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.