I think you have to learn that there's a company behind every stock, and that there's only one real reason why stocks go up. Companies go from doing poorly to doing well or small companies grow to large companies.

You should not buy a stock because it's cheap but because you know a lot about it.

Never invest in any idea you can't illustrate with a crayon

All the time and effort people devote to picking the right fund, the hot hand, the great manager have, in most cases, led to no advantage.

Never invest in a company without understanding its finances. The biggest losses in stocks come from companies with poor balance sheets.

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.

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.