In earlier years, a lesser effort produced literally dozens of comparable opportunities. It is difficult to be objective about the causes for such diminution of one's own productivity. Three factors that seem apparent are: (1) a somewhat changed market environment; (2) our increased size; and (3) substantially more competition.

We set no volume goals in our insurance business generally-and certainly not in reinsurance-as virtually any volume can be achieved if profitability standards are ignored.

I’ve never believed in risking what my family and friends have and need in order to pursue what they don’t have and don’t need.

An investor should act as though he had a lifetime decision card with just twenty punches on it.

Taking jobs to build up your resume is the same as saving up sex for old age.

If you don't know jewelry, know the jeweler.

The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks.