The most important thing in terms of your circle of competence is not how large the area of it is, but how well you've defined the perimeter.

I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner.

When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing.

You can't produce a baby in one month by getting nine women pregnant.

I'm the luckiest guy in the world in terms of what I do for a living. No one can tell me to do things I don't believe in or things I think are stupid.

We are in effect making a - to some extent, making a choice between future inflation and getting our - getting off the floor. And we're likely - we're likely to have more inflation in the future as a consequence of the things we do to fight the present situation.

There's no use running if you're on the wrong road.