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Past performance doesn't have anything to do with future performance. It's a massive delusion. It's the most insane thing in the world. You want a pick a fund with low turnover where the management has been around for a long time.

People are paying higher and higher premiums on stocks, ... It's like driving down a coast highway in a convertible and people are drinking and driving faster as the fog comes in and night descends and the road is getting curvier and curvier.

He was just going out and touching every third rail in California politics. That's why I got interested in backing him.

You look towards the organization and the people managing the money.