An awful lot of people keep a stock too long because it gives them warm fuzzies – particularly when a contrarian stance has been vindicated. If they sell it, they lose bragging rights.

I don't read, much less follow, the valuations or predictions. I study the numbers.

Buy on the cannons and sell on the trumpets.

Brand-name growth stocks ordinarily command the highest p/e ratios. Rising prices beget attention, and vice versa - but only to a point. Eventually their growth rate can diminish as results revert towards normal. Maybe not in all cases, but often enough to make a long-term bet. Bottom line: I wouldn't want to get caught in a rush for the exit, much less get left behind. Only when big growth stocks fall into the dumper from time to time am I inclined to pick them up - and even then, only in moderation.

It's not always easy to do what's not popular, but that's where you make your money. Buy stocks that look bad to less careful investors and hang on until their real value is recognized.

I don't want a lot of good investments; I want a few outstanding ones.

Investment success does not require glamour stocks or bull markets.