Equities will do well over time - you just have to avoid getting excited when other people are getting excited.

Too often, executive compensation in the U.S. is ridiculously out of line with performance. That won't change, moreover, because the deck is stacked against investors when it comes to the CEO's pay.

It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market you don't base your decisions on what the market is doing, but on what you think is rational. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.

I have three boxes on my desk: In, Out, and Too Hard.

The best investment you can make is in yourself.

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business.

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