Analysts have always been overly optimistic.

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.

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

A good starting point [in the measurement of investment risk] is the preservation and enhancement of your purchasing power in real terms.

We invest in undervalued companies that exhibit strong fundamentals, above-market dividend yields and historic earnings growth, which our analysis indicates will persist. Our strategy is to own strong, fundamentally sound companies and to avoid speculative stocks or potential bankruptcies.

Patience is a crucial but rare investment commodity.

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