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

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

Analysts have always been overly optimistic.

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

I buy stocks when they are battered. I am strict with my discipline. I always buy stocks with low price-earnings ratios, low price-to-book value ratios and higher-than-average yield. Academic studies have shown that a strategy of buying out-of-favor stocks with low P/E, price-to-book and price-to-cash flow ratios outperforms the market pretty consistently over long periods of time.

I paraphrase Lord Rothschild: ‘The time to buy is when there's blood on the streets.'

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