"But I was confused. Here we were scrambling around looking under rocks for great long-term investments, and every other hedge fund, or so it seemed, was doing some funny hedge of cheap yen money and T-bills. That's investing?"

“Economists may insist we are running a trade deficit, but in reality, we are running a margin surplus.”

“The stock of the greatest company in the world is crap if every investor already thinks it is the greatest company in the world.”

“Stocks are a voting mechanism, pure and simple. They are a collective vote of expectations of each company's future fundamentals.”

“I've been doing this for years. Never invest in a company with the target price for the stock in the name of the company.”

“A product lowers the cost of doing something and eventually, customers will figure this out and buy the stuff in big volume, but they're not going to buy yet. You've got to have real conviction to step up and own this kind of company-you're staring over the edge of the waterfall, not sure when the growth is going to start.”

“I think what I learned is that wealth comes not just from taking risk but from constantly taking risks.”