There is nothing like writing to force you to think and get your thoughts straight.

Wall Street makes its money on activity. You make your money on inactivity.

All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it.

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.

My rather puritanical view is that any investment manager, whether operating as broker, investment counselor of a trust department, investment company, etc., should be willing to state unequivocally what he is going to attempt to accomplish and how he proposes to measure the extent to which he gets the job done.

We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous.

Earnings can be pliable as putty when a charlatan heads the company reporting them.