Your ultimate success or failure will depend on your ability to ignore the worries of the world long enough to allow your investments to succeed.

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.

My method for picking stocks has never changed. When businesses go from crappy to semicrappy, there's money to be made.

Avoid hot stocks in hot industries.

Time is on your side when you own shares of superior companies.

If you hope to have more money tomorrow than you have today, you've got to put a chunk of your assets into stocks. Sooner or later, a portfolio of stocks or stock mutual funds will turn out to be a lot more valuable than a portfolio of bonds or CDs or money-market funds.

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