Never invest in a company without understanding its finances. The biggest losses in stocks come from companies with poor balance sheets.

Although it's easy to forget sometimes, a share is not a lottery ticket... it's part-ownership of a business.

Searching for companies is like looking for grubs under rocks: if you turn over 10 rocks you'll likely find one grub; if you turn over 20 rocks you'll find two.

A lot of people got in at the wrong time. A lot of people did very well and some people said, "This is it. I'll never get back in again." And they maybe meant it, but they probably got back in again anyway.

All you need for a lifetime of successful investing is a few big winners, and the pluses from those will overwhelm the minuses from the stocks that don't work out.

Never invest in a company without understanding its finances. The biggest losses in stocks come from companies with poor balance sheets.

Visiting stores and testing products is one of the critical elements of the analyst's job.