We make investment decisions based on our evaluation of the most profitable combination of probabilities.

We've got more productive capacity now than we ever have.

Continually challenge and be willing to amend your best loved ideas.

In my opinion, the entire field of investment management, involving hundreds of billions of dollars, would be more satisfactorily conducted if everyone had a good yardstick for measurement of ability and sensibly applied it.

I've seen more people fail because of liquor and leverage -- leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing.

You don't have to be a genius to invest well

I buy expensive suits - they just look cheap on me.