Don't risk what is important to you, to get what is not important to you.

I have always cautioned partners that I considered three years a minimum in determining whether we were "performing".

Only when you combine sound intellect with emotional discipline do you get rational behavior.

We don't get paid for being busy, we get paid for being right.

The best way in my view is to just buy a low-cost index fund and keep buying it regularly over time, because you'll be buying into a wonderful industry, which in effect is all of American industry... People ought to sit back and relax and keep accumulating over time.

The good thing is, we have household formation in this country.

Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.