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

Avoid hot stocks in hot industries.

If you can't find any companies that you think are attractive, put your money in the bank until you discover some.

Hold no more stocks than you can remain informed on.

A stock market decline is as routine as a January blizzard in Colorado. If you're prepared, it can't hurt you. A decline is a great opportunity to pick up the bargains left behind by investors who are fleeing the storm in panic.

Never invest in anything that cannot be illustrated with a crayon

The list of qualities (an investor should have) include patience, self-reliance, common sense, a tolerance for pain, open-mindedness, detachment, persistence, humility, flexibility, a willingness to do independent research, an equal willingness to admit mistakes, and the ability to ignore general panic.