Stocks are a safe bet, but only if you stay invested long enough to ride out the corrections.

I don't go near the money and the money doesn't go near me.

What makes stocks valuable in the long run isn't the market. It's the profitability of the shares in the companies you own. As corporate profits increase, corporations become more valuable and sooner or later, their shares will sell for a higher price.

Owning stocks is like having children - don't get involved with more than you can handle.

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.

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.

As I look back on it now, it's obvious that studying history and philosophy was much better preparation for the stock market than, say, studying statistics.