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

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.

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.

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.

Our days and years are strung upon The thread that runs so true. The game of life is played and Lost to love. -Nancy JanesNancy Janes

To mention it was to ask a favor and that as you were too generous, and as for her to ask was always to have, she wouldn't

It may be doubted that there are many other animals which have played so important a part in the history of the world as have these lowly organized creatures.

You're an animal that needs to move across the landscape, you can't anymore, and that's another way we're just changing the surface of the Earth in very dramatic ways.

...and when you’ve known me longer, you’ll learn that I mean everything I say.” “Even the lies?” “Especially the lies.

Never underestimate the importance of self-belief to transform your own organization, to reassure nervous clients, and to change the future of our business.

Them chickens is ash and I'm lotion.

I tolerate with the utmost latitude the right of others to differ from me in opinion without imputing to them criminality.

Teach you children poetry; it opens the mind, lends grace to wisdom and makes the heroic virtues hereditary.