When a management with reputation for brilliance gets hooked up with a business with a reputation for bad economics, it's the reputation of the business that remains intact.

Do not take yearly results too seriously. Instead, focus on four or five-year averages.

If you hit a hole in one every hole, you wouldn’t play golf for very long.

I would say the most satisfying thing actually is watching my three children each pick up on their own interests and work many more hours per week than most people that have jobs at trying to intelligently give away that money in fields that they particularly care about.

We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.

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.

Nothing sedates rationality like large doses of effortless money.