If book knowledge made great investors, than the librarians would all be rich.

You get in a lot of trouble when you start putting fictitious numbers.

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

We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.

Cultivate curiosity and strive to become a little wiser every day.

The optimum portfolio depends on the various expectations of choices available and the degree of variance in performance which is tolerable. The greater the number of selections, the less will be the average year-to-year variation in actual versus expected results. Also, the lower will be the expected results, assuming different choices have different expectations of performance.

If I taught a class, on my final exam I would take an Internet company and ask, 'How much is this company worth?' Anyone who would answer, I would flunk.