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.

Investing in stocks is an art, not a science, and people who've been trained to rigidly quantify everything have a big disadvantage.

Avoid hot stocks in hot industries.

In this business if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.

There is always something to worry about. Avoid weekend thinking and ignoring the latest dire predictions of the newscasters. Sell a stock because the company's fundamentals deteriorate, not because the sky is falling.

It only takes a handful of big winners to make a lifetime of investing worthwhile.

There's lots of stocks out there and all you need is a few of 'em. That's been my philosophy.