If the reason for doing something is that everyone else is doing it, it's not a good enough reason.

I don't have my diploma from the University of Nebraska hanging on my office wall, and I don't have my diploma from Columbia up there either-but I do have my Dale Carnegie graduation certificate proudly displayed.

A pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street (a community in which quality control is not prized) will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.

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.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

Stop trying to predict the direction of the stock market, the economy or elections.

I choose to work with every single person that I work with. That ends up being the most important factor. I don't interact with people I don't like or admire. That's the key. It's like marrying.