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.

The best investment you can make, is an investment in yourself... The more you learn, the more you'll earn.

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

The best asset is your own self. You can become to an enormous degree the person you want to be

We don't have to be smarter than the rest. We have to be more disciplined than the rest.

The first rule is not to lose. The second rule is not to forget the first rule.

What's going to happen - things we're doing are going to have some inflationary consequences.