Investors repeatedly jump ship on a good strategy just because it hasn't worked so well lately, and, almost invariably, abandon it at precisely the wrong time.

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

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

Favored stocks underperform the market, while out-of-favor companies outperform the market, but the reappraisal often happens slowly, even glacially.

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

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.

Patience is a crucial but rare investment commodity.