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

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

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

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

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

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