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.

You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing.

Failing conventionally is the route to go; as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press

Is management rational?

Never ask a barber if you need a haircut.

Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.

Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.