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Investors don't like uncertainty.

Hedge fund managers charge so much more than mutual fund managers; alpha is even harder to come by. They end up selling a variety of things beyond mere outperformance.

Nothing turns off an investor more than when an entrepreneur comes in with a ridiculous valuation.

We did not have anyone like a manager, who could guide us and make it happen.

Active management leads to lots of poor investor behavior. It sends people chasing after whoever has the hot hand at the moment.

Often, investors will discover a manager after he's had a terrific run, usually when he lands on a magazine cover somewhere. Invariably, funds swell up with new investor money just before they revert to their long-term averages.

Investors should start with a view of skepticism. They should become intellectual investors rather than emotional investors. They should be careful, and they should be skeptical.

Managers in all too many American companies do not achieve the desired results because nobody makes them do it.

There are no managers like there used to be managers.

Control of a company does not carry with it the ability to control the price of its stock.