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

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.

Acknowledge the complexity of the world and resist the impression that you easily understand it. People are too quick to accept conventional wisdom, because it sounds basically true and it tends to be reinforced by both their peers and opinion leaders, many of whome have never looked at whether the facts support the received wisdom. It's a basic fact of life that many things "everybody knows" turn out to be wrong.

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

Many investors seem to have forgotten a hard reality: There are frequent periods when stock markets don't do much.

I cannot invest the way I want the world to be; I have to invest the way the world is.

History shows that people who save and invest grown and prosper, and the others deteriorate and collapse.