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

The simpler it is, the better I like it.

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.

Go for a business that any idiot can run - because sooner or later, any idiot probably is going to run it.

You only need a few good stocks in your lifetime. I mean how many times do you need a stock to go up ten-fold to make a lot of money? Not a lot.

In the long run, a portfolio of well chosen stocks and/or equity mutual funds will always outperform a portfolio of bonds or a money-market account. In the long run, a portfolio of poorly chosen stocks won't outperform the money left under the mattress.

If you have the stomach for stocks, but neither the time nor the inclination to do the homework, invest in equity mutual funds.