The secret is to find what you love to do.I mean, I tell the students look for the job that you would take if you didn't need a job. I mean, it's that simple. And I was lucky enough to find it very early in life. And then the second thing is to have people around you that make feel good every day, and make you a better person than you otherwise would be.

I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of "New Era" philosophy where trees really do grow to the sky.

Never invest in a business you can't understand

You have to be able to communicate in life and probably schools underemphasize that. If you can't talk to people or write, you're giving up your potential.

If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.

We have to live with the rest of the world. And it's a mistake, in my view. Trade has generally developed in this country. We actually export 12 or 13 percent of our GDP. It was only 5 percent in 1970. But it benefits us. It benefits the rest of the world. It doesn't benefit the steelworker maybe in Ohio. And that's the problem that has to be addressed, because when you have something that's good for society, but terribly harmful for given individuals, we have got to make sure those individuals are taken care of.

There's always a mismatch. I mean, you know, as the economy evolves, it reallocates resources. Now, the real problem, in my view, is - this has been - the prosperity has been unbelievable for the extremely rich people. If you go to 1982, when Forbes put on their first 400 list, those people had $93 billion. They now they have $2.4 trillion, 25 for one. That is - this has been a prosperity that's been disproportionately rewarding to the people on top.