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The good news is that economists are intelligent, engaging and often charming folks. The bad news is their work is often of little use to investors.

Investors should invest on what they know. The biggest mistake is to invest on what they don't know.

I don't entirely reject the idea of efficient markets. It needs updating.

But successful investors tend to be not too self-destructive. They tend to be patient, they tend not to follow the crowd, and they tend not to be too guilty about winning.

Many an optimist has become rich by buying out a pessimist.

With less competition to fear, companies are emboldened to raise their mark-ups and profits. That lifts share prices and thus the wealth of already wealthy shareholders.

Investors have to ask themselves two questions. How much can we grow our investments? And, can we afford our mistakes?

My investors expect me to maximize profits.

I think it's a mistake to rely too much on any one economic factor. It's why investors try to spread their portfolio round.

The market is incredibly inefficient and capable on rare occasions of being utterly dysfunctional. And people have a really hard time getting their brain around that fact. They want to believe that it's approximately efficient almost all the time, and it simply isn't true.