I lose confidence in other people, all kinds of institutions.

Investors should remember that excitement and expenses are their enemies.

If principles can become dated, they're not principles.

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

Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant.

If you owe money, you can't pay them out. You just pay for everything, you do smart things, you eventually get very rich.

Always associate yourself with people who are better than you.