I learned very early in my investing careers: I better not invest in what I want. I better invest in what's happening in the world. Otherwise I'll be broke - dead broke.

Do not buy the hype from Wall St. and the press that stocks always go up. There are long periods when stocks do nothing and other investments are better.

You can no longer buy commodities at Merrill Lynch. My guess is many analysts and even executives are too young to know how profitable a hot commodities market can be. They will soon.

You will never get anywhere if you do not do your homework.

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.

Following what everyone else is doing is rarely a way to get rich.

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