The S&P is up 343.8 percent for 10 years. That is a four-bagger. The general equity funds are up 283 percent. So it's getting worse, the deterioration by professionals is getting worse. The public would be better off in an index fund.

If you can't find any companies that you think are attractive, put your money in the bank until you discover some.

I deal in facts, not forecasting the future. That's crystal ball stuff. That doesn't work.

Never invest in anything that cannot be illustrated with a crayon

In the summer of 1990, I was buying stocks and I was probably three or four months early there. But we had a great rally in 1991.

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.

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.'