“There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.”

The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.

To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.

Never, ever, think about something else when you should be thinking about the power of incentives.

Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.

When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’

All I want to know is where I’m going to die, so I’ll never go there.

Go to bed smarter than when you woke up.

Investing is where you find a few great companies and then sit on your ass.

Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.

Your life must focus on the maximization of objectivity.

I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.

The safest way to get what you want is to deserve what you want.

Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.

To the man with only a hammer, every problem looks like a nail.

There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.

Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?

Corporate governance is concerned with holding the balance between economic and social goals and between individual and communal goals.

to require accountability for the stewardship of those resources.

Accountability is the glue that ties commitment to the result.

Some outlets shouldn’t even call themselves news providers; they’re just entertainment gossip without any sort of accountability or fact-checking.

There’s responsibility, but there’s also accountability. You have to be accountable for your actions. You have to stand at your locker when things are going bad.

Human beings should be held accountable. Leave God alone. He has enough problems.

If the Saudis were culpable, they should be held accountable. If they had nothing to do with 9/11, they have nothing to fear.

Either our wills are determined by prior causes and we are not responsible for them, or they are the product of chance and we are not responsible for them.