Avoid hot stocks in hot industries.

Your investor's edge is not something you get from Wall Street experts. It's something you already have. You can outperform the experts if you use your edge by investing in companies or industries you already understand.

There are substantial rewards for adopting a regular routine of investing and following it no matter what, and additional rewards for buying more shares when most investors are scared into selling.

When people discover they are no good at baseball or hockey, they put away their bats and their skates and they take up amateur golf or stamp collecting or gardening. But when people discover they are no good at picking stocks, they are likely to continue to do it anyway.

It would be wonderful if we could avoid the setbacks with timely exits, but nobody has figured out how to predict them.

It only takes a handful of big winners to make a lifetime of investing worthwhile.

In this business if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.