You can lose leverage, and it's the only way a smart guy can go broke.

The financial calculus that Charlie and I employ would never permit our trading a good night's sleep for a shot at a few extra percentage points of return. I've never believed in risking what my friends and family have and need in order to pursue what they don't have and don't need.

It's good to learn from your mistakes. It's better to learn from other people's mistakes.

Nevertheless, as circumstances presently appear, I feel substantially greater size is more likely to harm future results than to help them. This might not be true for my own personal results, but it is likely to be true for your results.

Derivatives are like sex. It's not who we're sleeping with, it's who they're sleeping with that's the problem.

Confidence is key. You're not going to put your money - you're not going to leave your money with me unless you're confident I'm going to give it back to you.

If you are not willing to own a stock for 10 years, do not even think about owning it for 10 minutes.