Fear is the foe of the faddist, but the friend of the fundamentalist.

The approach and strategies are very similar in that you gather all the information you can and then keep adding to that base of information as things develop. You do whatever the probabilities indicated based on the knowledge that you have at that time, but you are always willing to modify your behaviour or your approach as you get new information. In bridge, you behave in a way that gets the best from your partner. And in business, you behave in the way that gets the best from your managers and your employees.

I was lucky enough to be born in a time and place where society values my talent, and gave me a good education to develop that talent, and set up the laws and the finanical system to let me do what I love doing-and make a lot of money doing it. The least I can do is help pay for all that.

So if you are evaluating others (or yourself!) in the investment field, think out some standards - apply them - interpret them.

You can lose leverage, and it's the only way a smart guy can go broke.

You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes

The true investor welcomes volatility ... a wildly fluctuating market means that irrationally low prices will periodically be attached to solid businesses.