You know, my degrees are in computer engineering. I spent a lot of time in the tech industry. And I like to say that I don't invest in tech because I spent time in it. And I saw firsthand that the durability of technology moats is many times an oxymoron.

Industries with rapid change are the enemy of the investor. Tech businesses, particularly biotech, is a problem from that point of view. All industries work with change, but you should ideally be investing in businesses with a low rate of change, not a high rate of change.

To the extent societal rules or the wiring of your brains make it easy to acquire a lot of assets, then to the extent you can, you should try to improve the world.

One of the first things I tell people is, if you want to learn about investing, you want to open an account and make real investments because that's when it becomes real.

I have a hard time getting past the day without the nap, so the nap is a must.

The single biggest advantage a value investor has is not IQ. It's patience and waiting. Waiting for the right pitch, and waiting for many years for the right pitch.