What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact.

The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the "know-nothings" - must win.

Energy deregulation will be the largest transfer of wealth in history.

Never give up searching for the job that you're passionate about.

I've never been very fully employed either.

Always associate yourself with people who are better than you.

The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks.