Investing in a market where people believe in efficiency is like playing bridge with someone who has been told it doesn't do any good to look at the cards.

Cash combined with courage in a time of crisis is priceless.

If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.

First, many in Wall Street - a community in which quality control is not prized - will sell investors anything they will buy.

I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner.

I know the country works extremely well. You know, but when it isn't clogged up.

The best education you can get is investing in yourself, and that doesn't mean college or university.