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

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.

Never invest in any idea you can't illustrate with a crayon

Bargains are the holy grail of the true stockpicker. The fact that 10 to 30 percent of our net worth is lost in a market sell-off is of little consequence. We see the latest correction not as a disaster but as an opportunity to acquire more shares at low prices. This is how great fortunes are made over time.

You have to keep your priorities straight if you plan to do well in stocks.

Long shots almost always miss the mark.