I have always cautioned partners that I considered three years a minimum in determining whether we were "performing".

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.

The key to success is emotional stability.

Beware [of] the investment activity that produces applause; the great moves are usually greeted by yawns.

Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.

An ounce of prevention is worth a pound of cure understated.

Cash, though, is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent... When bills come due, only cash is legal tender. Don't leave home without it.