I'd encourage [you] to think big and be delusional when setting goals. Yes, delusional. The biggest mistake that I made with my first business was I didn't think big enough. I limited my success by just focusing on a small geographic area and focusing on hitting small sales targets. Now when I set my goals, I make sure that they are ridiculous. I prefer to work extremely hard and fall short on my ridiculous goals than to achieve mediocre goals.

...there should be no place in a portfolio for hedge funds. There are lots of reasons, but the main one is simple: Investing in hedge funds is a great way to increase the odds of underperformance.

I never use hedge funds because I am well aware of what drives future performance, and hedge funds start out with a great disadvantage in every major category: taxes, fees, risk management, transparency and liquidity.

Hedge funds have made massive leveraged credit bets, knowing that their upside is billions in fees and their downside is millions in fees.