One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.

When it's raining gold, reach for a bucket, not a thimble.

Consciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a still-higher price - should be labelled speculation

It's just that I landed up in a terrific capitalist system. One that pays people who allocate capital extraordinarily well. Intrinsically, I'm not worth as much as somebody who invents something that could improves people's life, or health or whatever.

The best way in my view is to just buy a low-cost index fund and keep buying it regularly over time, because you'll be buying into a wonderful industry, which in effect is all of American industry... People ought to sit back and relax and keep accumulating over time.

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

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.