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.

Investing in stocks is an art, not a science, and people who've been trained to rigidly quantify everything have a big disadvantage.

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

It isn't the head but the stomach that determines the fate of the stockpicker.

You have to let the big ones make up for your mistakes.

Go for a business that any idiot can run - because sooner or later, any idiot probably is going to run it.

Twenty years in this business convinces me that any normal person using the customary three percent of the brain can pick stocks just as well, if not better, than the average Wall Street expert.