Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

I don't really think that, as a society, we [americans] want to confer blessings on generation after generation who contribute nothing to society, simply because somebody in the far distant past happened to amass a great sum of wealth.

You can't stand to see your neighbor getting rich. You know you're smarter than he is and he's doing these things and he's getting rich.

We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous.

Sound investing can make you very wealthy if you're not in too big a hurry

Making money isn't the backbone of our guiding purpose; it is the by-product of our guiding purpose.

SUPPOSE that an investor you admire and trust comes to you with an investment idea. This is a good one, he says enthusiastically. I'm in it, and I think you should be, too.