Quotes

If you're early on in your career and they give you a choice between a great mentor or higher pay, take the mentor every time. It's not even close.

Real life is not a random draw but a connected sequence of events in which each event is the consequence of the preceding event.

Investors who find an overly narrow niche to inhabit, prosper for a time but then usually stagnate. Those who move on when the world changes at least have the chance to adapt successfully.

Prices change when events are different from what the market has expected them to be.

Our expectations of the future are not unbiased and do not reflect all available information.

Your wealth is in many ways dependent on what other people will pay for your assets.

Job insecurity has been a problem for as long as people have depended on a paycheck.

Despite the advantages of size, wealth, a good name and a long tradition, a large enterprise will cease to be profitable if the men at the head get hardening of the arteries or atrophy of the brain tissue or if their heirs prove unequal to inherited responsibilities. Momentum alone will not carry a business forward under such circumstances. Some younger and more aggressive group will assume the leadership of the industry.

In speaking of future prospects it is often difficult to make the distinction clear between what one considers the most desirable in the public interest and what one reckons to be the most probable in the actual circumstances. For unfortunately the course of events which is the most desirable is not always the most probable!

Every basis point of return -- let alone every 100 basis points -- has a staggering difference in outcomes in the long run. That's why you stay focused on the long term and the rate of return; that is where the difference is, that is what you want and need to capture.

Sometimes common sense tells us what statistics cannot.

The first thing I heard when I got in the business, not from my mentor, was bulls make money, bears make money, and pigs get slaughtered. I'm here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig.