Do what you would do for free, having passion for what you do is the most important thing.

Investors... can't pick stocks that are better than average. Stocks are a good thing to own over time. There's only two things you can do wrong: You can buy the wrong ones, and you can buy or sell them at the wrong time. And the truth is you never need to sell them.

To win, the first thing you have to do is not lose.

I never try to predict the market.

How do you beat Bobby Fischer? You play him at any game but chess. I try to stay in games where I have an edge.

If some institution wants to sell you a billion dollars worth of mortgages, they might have to sell 100 million in the market, and then you'll buy the other 900 million on the same terms. Now, the very fact that this has been authorized or will be authorized, I hope, will firm up the market to some degree. And that's fine. But you don't want to have artificial prices being paid.

Bad terminology is the enemy of good thinking.