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" A 'competence' that has no defined borders cannot be called a true competence. "

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" Politically, China suppresses its people, but because the government allows some freedom in economic matters, business has become the ultimate expression of individuality. "

" The game of investing is a process of discovering who you are, what you're interested in, what you're good at, what you love to do, then magnifying that until you gain a sizable edge over all the other people. "

" Tiananmen did not fail. "

" To us, anyone who opposes dictatorship is our friend. Those who support it, our enemy. "

" Only by a process of peaceful evolution can China accomplish its own goals of being a free, prosperous, and strong country. "

" Mao Zedong's way was to make people crazy. It was like a religious cult. "

" I think we Chinese are just as capable, as diligent, as hardworking, as peace-loving, and as creative as people everywhere. "

" I was born and grew up in China during the 1960s. "

" Whatever you are is because of what your ancestors have done. "

" Investing is about predicting the future, and the future is inherently unpredictable. Therefore, the only way you can do better is to assess all the facts and truly know what you know and know what you don't know. That's your probability edge. "

" In my view, the biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital. Not only is the mere drop in stock prices not risk, but it is an opportunity. Where else do you look for cheap stocks? "

" Everyone has blind spots, and even the brightest people are no exceptions. "

" I was a college student in 1989 when I participated in the demonstration at Tiananmen Square. I was one of the organizers. "

" Rock and roll was a revelation for me. "

" Without a free man, there is no free market. That's called exploitation. "

" Free market never succeeded without free men and free society. "

" I graduated from Columbia University in 1996 and founded my investment company in 1997, thus starting my professional investment career. "

" With free market and free man, if you remove one of them, it is not called capitalism in my dictionary. "

" The whole thing is, really, money makes money. That's the whole thing about capitalism. Without the capital, there is no -ism. "

" Management is always part of the equation of making the company successful, so the quality of management always matters. "

" No dictatorship can be sustained within the context of an information revolution. "

" All companies incur expenses, some of which are fixed and bear no relation to sales volumes. In this way, profits can grow at a faster rate than sales. "

" In my 40s, the two cultures finally came to peace with one other inside me, and I have come to identify myself as both 100% Chinese and 100% American simultaneously. "

" The financial crisis of 2008-09 was in large part the result of the so-called 'success' of people who did not understand their fiduciary duty. This kind of 'success' is extremely harmful to all of society. "

" For the vast majority of mankind's history, economic activity consisted of finding energy and using energy. "

" Part of the game of investing is to come into your own. You must find some way that perfectly fits your personality because there is some element of a zero sum game in investing. If you buy, somebody else has to sell. And when you sell, somebody has to buy. You can't both be right. "

" I have three lovely children. They are beautiful, talented, and kind-hearted. I'm most proud of them. I love them so much that I will never want to burden them with a large amount of inherited wealth. "

" You can't imagine a free market coupled with a dictatorship. "

" I grew up in Communist China and never had much money to my name, and then, all of a sudden, I had giant student loans. "

" Management always has a big influence on your success, no matter how good or how bad the business is itself. "