In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.

Part of making good decisions in business is recognizing the poor decisions you've made and why they were poor. I've made lots of mistakes. I'm going to make more. It's the name of the game. You don't want to expect perfection in yourself. You want to strive to do your best. It's too demanding to expect perfection in yourself.

There are a few investment managers, of course, who are very good - though in the short run, it's difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors - large and small - should instead read Jack Bogle's The Little Book of Common Sense Investing.

When I take a look at a company's annual report, if I don't understand it, they don't want me to understand it.

I really like my life. I've arranged my life so that I can do what I want.

If I got any good ideas out of that or I think they're good ideas, I'll be glad to contribute them but the system will probably overdo some other things.

We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous.