As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.

The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.

By developing your discipline and courage, you can refuse to let other people's mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

If fees consume more than 1% of your assets annually, you should probably shop for another adviser.

Confusing speculation with investment is always a mistake.