If you want to be lucky, do your homework.

The first loss is the best loss.

One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do. Most people – not that I’m better than most people – always have to be playing; they always have to be doing something. They make a big play and say, “Boy, am I smart, I just tripled my money.” Then they rush out and have to do something else with that money. They can’t just sit there and wait for something new to develop

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.

Historically, there has been a bull market in commodities every 20 or 30 years.

The biggest public fallacy is that the market is always right. The market is nearly always wrong. I can assure you of that.

Lady Luck smiles on those who continue their efforts