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“Everyone in the world disagrees with me, including some managers, but I think managing in the American League is much more difficult for that very reason (having the designated hitter). In the National League, my situation is dictated for me. If I'm behind in the game, I've got to pinch hit. I've got to take my pitcher out. In the American League, you have to zero in. You have to know exactly when to take them out of there. In the National League, that's done for you.”

“There are a few investment managers, of course, who are very good - though in the short run, it's difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors - large and small - should instead read Jack Bogle's The Little Book of Common Sense Investing.”