If you want to shoot rare, fast-moving elephants, you should always carry a loaded gun.

Having first rate people on the team is more important than designing hierarchies and clarifying who reports to whom.

One observer commenting on security analysts over forty stated: "They know too many things that are no longer true." As long as I am "on stage", publishing a regular record and assuming responsibility for management of what amounts to virtually 100% of the net worth of many partners, I will never be able to put sustained effort into any non-BPL activity. If I am going to participate publicly. I can't help being competitive. I know I don't want to be totally occupied with out-pacing an investment rabbit all my life. The only way to slow down is to stop.

... not doing what we love in the name of greed is very poor management of our lives.

My favorite time frame for holding a stock is forever.

If this is a war, my side has the nuclear bomb. We have K Street. We have Wall Street. Debbie doesn't have anybody. I want a government that is responsive to the people who got the short straw in life.

If I got a chance to take one percent of the deal either way, I would make that bet.