You can't see the future through a rearview mirror

Avoid hot stocks in hot industries.

I spend about fifteen minutes a year on economic analysis.

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.

When management owns stock, then rewarding the shareholders becomes a first priority, whereas when management simply collects a paycheck, then increasing salaries becomes a first priority.

If you go to Minnesota in January, you should know that it's gonna be cold. You don't panic when the thermometer falls below zero.

The Rule of 72 is useful in determining how fast money will grow. Take the annual return from any investment, expressed as a percentage, and divide it into 72. The result is the number of years it will take to double your money.