Bottoms in the investment world don't end with four-year lows; they end with 10- or 15-year lows.

Tough times helped many commodities traders become lean and mean through consolidation, mergers and cost cutting. All that excess supply has been sopped up.

The last leg of a bull market always ends in hysteria; the last leg of a bear market always ends in panic.

I was poor once, I didn't like it, I don't want to be poor again.

Diversification is something that stock brokers came up with to protect themselves, so they wouldn't get sued for making bad investment choices for clients. Henry Ford never diversified, Bill Gates didn't diversify. The way to get rich is to put your eggs in one basket, but watch that basket very carefully. And make sure you have the right basket.

One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do... I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up... I wait for a situation that is like the proverbial "shooting fish in a barrel."

Get inside information from the president and you will probably lose half of your money. If you get it from the chairman of the board, you will lose all of it.