I tell college students, when you get to be my age you will be successful if the people who you hope to have love you, do love you.

You get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots.

A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.

You do not adequately protect yourself by being half awake when other are sleeping.

In one way, I'm sympathetic to the institutional reluctance to face the music. I'd give a lot to mark my weight to 'model' rather than to 'market.'

I certainly do believe anyone engaged in the management of money should have a standard of measurement, and that both he and the party whose money is managed should have a clear understanding why it is the appropriate standard, what time period should be utilized, etc.

In a difficult business, no sooner is one problem solved than another surfaces - never is there just one cockroach in the kitchen.