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.

A price drop in a good stock is only a tragedy if you sell at that price and never buy more. To me, a price drop is an opportunity to load up on bargains from among your worst performers and your laggards that show promise. If you can't convince yourself "When I'm down 25 percent, I'm a buyer" and banish forever the fatal thought "When I'm down 25 percent, I'm a seller," then you'll never make a decent profit in stocks.

Spend at least as much time researching a stock as you would choosing a refrigerator.

Your ultimate success or failure will depend on your ability to ignore the worries of the world long enough to allow your investments to succeed.

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

You just don't know when you can find the bottom.

There's lots of stocks out there and all you need is a few of 'em. That's been my philosophy.