You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.

Wide diversification is only required when investors do not understand what they are doing.

I think the oversight is great, and I think that oversight ought to be devoted almost entirely to the question is this being done at market you know. In other words, you want to make sure that the government isn't investing foolishly. But you don't want to care about which congressional districts it goes to or whether banks get favored over.

Larger sums may be an advantage at some cases and a disadvantage at others.

I’ve never believed in risking what my family and friends have and need in order to pursue what they don’t have and don’t need.

There seems to be some perverse human characteristic that likes to make easy things difficult.