Avoid hot stocks in hot industries.

The basic story remains simple and never-ending. Stocks aren't lottery tickets. There's a company attached to every share.

Spend at least as much time researching a stock as you would choosing a refrigerator.

If you're prepared to invest in a company, then you ought to be able to explain why in simple language that a fifth grader could understand, and quickly enough so the fifth grader won't get bored.

The natural-born investor is a myth.

Behind every stock is a company. Find out what it's doing.

I've found that when the market's going down and you buy funds wisely, at some point in the future you will be happy. You won't get there by reading 'Now is the time to buy.'