I knew a lot about what I did when I was 20. I had read a lot, and I aspired to learn everything I could about the subject.

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.

If I knew where I was going to want to live the next five or 10 years I would buy a home and I'd finance it with a 30-year mortgage... It's a terrific deal.

If you buy the things you don't need, you will soon be selling the things that you need.

It irritates the hell out of me but you can't buy love.

Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices

Our approach is very much profiting from lack of change rather than from change.