A 99% Value-at-Risk calculation does not evaluate what happens in the last one percent... This is like an airbag that works all the time, except when you have a car accident.

As an investor my job is to figure out what will happen rather than what should happen.

The loss was not bad luck. It was bad analysis.

You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical.

In the real world, illiquid assets carry a discount.

What do you call a stock that's down 90%? A stock that was down 80% and then got cut in half.

When you leave a good job to go off on your own and don't expect to make money for a while, you name the firm whatever your wife says you should.

What is uncertain is how much further the bubble can expand, and what might pop it.

Ive got a fantasy-baseball team with my brother. But I have to admit, he does all the work.

You know I'm old in some ways-in others-well, I'm just a little girl. I like sunshine and pretty things and cheerfulness-and I dread responsibility.

Time and death sleep side by side.

It is my opinion that the isolated mind loses its purchase on reality all too easily and becomes prone to fantasy.

We were exiles from reality that summer. We were refugees from ourselves.

Be different-if you don't have the facts and knowledge required, simply listen. When word gets around that you can listen when others tend to talk, you will be treated as a sage.

My Brain is the key that sets me free.

In the vacuum of the heart love falls forever.

Our daily decisions create the scrapbook of our life.

I am extremely active and conscious of not eating any processed foods.

One must have tradition in oneself, to hate it properly.