In the summer of 1990, I was buying stocks and I was probably three or four months early there. But we had a great rally in 1991.

All the time and effort people devote to picking the right fund, the hot hand, the great manager have, in most cases, led to no advantage.

Twenty years in this business convinces me that any normal person using the customary three percent of the brain can pick stocks just as well, if not better, than the average Wall Street expert.

Stocks are a safe bet, but only if you stay invested long enough to ride out the corrections.

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

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

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