Truly conservative actions arise from intelligent hypotheses, correct facts and sound reasoning.
All but a few of the organizations do not specifically promise to deliver superior investment performance although it is perhaps not unreasonable for the public to draw such an inference from their advertised emphasis on professional management.
I’m just lucky to have been in the right place at the right time. Another place, another time, I wouldn’t have been as successful. Society enabled me to make my money and my money should go to society.
Continually challenge and be willing to amend your best loved ideas.
You need a lot of curiosity for a long, long time.
I spend twelve hours a week – a little over 10% of my waking hours – playing the game. Now I am trying to figure out how to get by on less sleep in order to fit in a few more hands.
Unfortunately, the hangover may prove to be proportional to the binge.
Like most trends, at the beginning, it’s driven by fundamentals. At some point, speculation takes over. What the wise man does in the beginning, the fool does in the end.
In the insurance business, there is no statute of limitation on stupidity.
The smarter the journalists are, the better off society is.
The only way to be loved is to be loveable, which really irritates me.
We make investment decisions based on our evaluation of the most profitable combination of probabilities.
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.
Never get too hung up on mistakes.
A stock doesn’t know that you own it.
The key to life is to figure out who to be the batboy for.
We all make mistakes. If you can’t make mistakes, you can’t make decisions. I’ve made a lot bigger mistakes myself.
Never give up searching for the job that you’re passionate about.
It takes 150 years to build an investment bank and only five minutes to convince you to sell me preferred stock in it at a 10% interest rate.
Ignore the stock market, ignore the economy, and buy a business you understand.