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

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.

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.

Patience is a crucial but rare investment commodity.

Analysts have always been overly optimistic.

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

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