The biggest winners are surprises to me, and takeovers are even more surprising. It takes years, not months, to produce big results.

In the summer of 1990, I was buying stocks and I was probably three or four months early there. But we had a great rally in 1991.

If a picture is worth a thousand words, in business, so is a number.

Everyone has the brainpower to make money in stocks. Not everyone has the stomach. If you are susceptible to selling everything in a panic, you ought to avoid stocks and mutual funds altogether.

You can find good reasons to scuttle your equities in every morning paper and on every broadcast of the nightly news.

It would be wonderful if we could avoid the setbacks with timely exits, but nobody has figured out how to predict them.

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