Another qualification of success is that we not only bring harmonious and beneficial results to ourselves, but also share those benefits with others.

When it’s too easy to get money, then you get a lot of noise mixed in with the real innovation and entrepreneurship. Tough times bring out the best parts of Silicon Valley.

You know, I'm trying to chase rings, and that's all I'm about. So that's where the conversation stops for me.

In baseball, you can hit 40 home runs on a single-A-league team and never get paid a thing. But in a hedge fund, you get paid on your batting average. So you go to the worst league you can find, where there's the least competition.

There is a difference between broke and being poor. Being broke is a temporary economic condition, but being poor is a disabling frame of mind and a depressed condition of your spirit, and you must vow to never, ever be poor again.

To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.