Rely on the ordinary virtues that intelligent, balanced human beings have relied on for centuries: common sense, thrift, realistic expectations, patience, and perseverance.

I believe - deeply and profoundly - that speculation is a loser's game.

So the misplaced assumption is that we have this whole new institutional element where these [financial] institutions are looking after their own financial interests before the financial interests of the principals, princi-pals whose interests they are really bound to observe first.

You know the rule of 72, divide the number into 72, any number you want, and that's how long it will take your money to double.

It's amazing how difficult it is for a man to understand something if he's paid a small fortune not to understand it.

But whatever the consensus on the EMH, I know of no serious academic, professional money manager, trained security analyst, or intelligent individual investor who would disagree with the thrust of EMH: The stock market itself is a demanding taskmaster. It sets a high hurdle that few investors can leap.

Reversion to the mean is the iron rule of the financial markets.