In business, competition is never as healthy as total domination.

If you can find a company that can get away with raising prices year after year without losing customers (an addictive product such as cigarettes fills the bill), you've got a terrific investment.

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

It's human nature to keep doing something as long as it's pleasurable and you can succeed at it, which is why the world population continues to double every 40 years.

That's not to say there's no such thing as an overvalued market, but there's no point worrying about it.

There's no shame in losing money on a stock. Everybody does it. What is shameful is to hold on to a stock, or worse, to buy more of it when the fundamentals are deteriorating.

Average investors can become experts in their own field and can pick winning stocks as effectively as Wall Street professionals by doing just a little research.