An IPO is like a negotiated transaction - the seller chooses when to come public - and it's unlikely to be a time that's favourable to you.

People who watch their weight, golf scores, and fuel bills seem to shun quantitative evaluation of their investment management skills although it involves the most important client in the world-themselves.

Let blockheads read what blockheads wrote.

If you're in a card game and you can't figure out who the patsy is, you're it.

Money to some extent sometimes let you be in more interesting environments. But it can't change how many people love you or how healthy you are.

If I got any good ideas out of that or I think they're good ideas, I'll be glad to contribute them but the system will probably overdo some other things.

In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.