The bond market is the most important market in the world. Everything else is a derivative of the bond market.

Markets can remain irrational longer than you can remain solvent. But they can also remain rational longer than you can remain patient.

My strongest suit is not stock picking. It is risk management.

Do you really like a particular stock? Put 10 percent of your portfolio in it. Make the idea count.

Finding the best person or the best organization to invest your money is one of the most important financial decisions you will ever make.

I learned more about probabilities and risk from playing blackjack in Las Vegas than I ever did in an MBA classroom.