The most important thing in auction design is to create an environment where bidders feel comfortable revealing their true valuations.

We say of some things that they can't be forgiven, or that we will never forgive ourselves. But we do—we do it all the time.

Every tear is a waterfall.

Swim upstream. Go the other way. Ignore the conventional wisdom.

最成功的投资者是那些保持耐心和纪律的人。

We want to be remembered as a group that worked hard.