A pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street (a community in which quality control is not prized) will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.

We will reject interesting opportunities rather than over-leverage our balance sheet.

You can't buy what is popular and do well.

The one piece of advice I can give you is, do what turns you on. Do something that if you had all the money in the world, you’d still be doing it. You’ve got to have a reason to jump out of bed in the morning.

Anyone who believes a growth rate in excess of 15% per annum over the long term is attainable should pursue a career in sales, but avoid one in mathematics.

People always ask me where they should go to work, and I always tell them to go to work for whom they admire the most.

Gold has two significant shortcomings, being neither of much use nor procreative.