A realistic definition of risk recognizes the potential loss of capital through inflation and taxes, and would include at least the following two factors: The probability that the investment you chose will preserve your capital over the time you intend to invest your funds. The probability the investments you select will outperform alternative investments for this period.

Demanding immediate success invariably leads to playing the fads or fashions currently performing well rather than investing on a solid basis. A course of investment, once charted, should be given time to work out. Patience is a crucial but rare investment commodity.

Experience teaches us that when "everyone" comes to the same conclusion, that conclusion is just about always wrong.

Nobody beats the market, they say. Except for those of those of us who do.

One of the big problems with growth investing is that we can't estimate earnings very well. I really want to buy growth at value prices. I always look at trailing earnings when I judge stocks.

If you have good stocks and you really know them, you'll make money if you're patient over three years or more.

Psychology is probably the most important factor in the market - and one that is least understood.