I made a fortune getting out too soon.

If you took our top fifteen decisions out, we'd have a pretty average record. It wasn't hyperactivity, but a hell of a lot of patience. You stuck to your principles and when opportunities came along, you pounced on them with vigor.

The courage to press on regardless—regardless of whether we face calm seas or rough seas, and especially when the market storms howl around us—is the quintessential attribute of the successful investor.

The fact is that it is very difficult to maintain a 'neutral' position in a fluctuating currency market. Market participants have an existential choice to make and if they have no clear views they are bound to make the wrong choice.

The elements of good trading are cutting losses, cutting losses, and cutting losses.

It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent