Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.

Emotional makeup is more important than technical skill

My favorite time frame for holding a stock is forever.

Like I say, I don't think it'll be done perfectly. Maybe we'll end up with a little bit better [economy] system.

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

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.

Beware of geeks bearing formulas.