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.

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.

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

I've found that when the market's going down and you buy funds wisely, at some point in the future you will be happy. You won't get there by reading 'Now is the time to buy.'

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.

Charts are great for predicting the past.

You shouldn't just pick a stock - you should do your homework.