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

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

I would always advise young people to follow their star - not my star. They have to live their own life. If they decide they want to go into the investment business, do it, but make it a better business than it is today.

The transfer of Wall Street from private ownership to public ownership has been a big step backward.

Speculation leads you the wrong way. It allows you to put your emotions first, whereas investment gets emotions out of the picture.

Sure there are some companies at the margins of our society that probably do that and I think we all have the responsibility as consumers and as investors to avoid them like the plague. If we do, they won't last very long. Doing what's right is the only possible formula for long-term - I emphasize long term - business success.

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.