You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.

If you are a professional and have confidence, then I would advocate lots of concentration.

Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard.

I don't measure my life by the money I've made. Other people might, but certainly don't.

But 300 million Americans, their lending institutions, their government, their media, all believed that house prices were going to go up consistently. And that got billed into a $20 trillion residential home market. Lending was done based on it, and everybody did a lot of foolish things.

Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.