When people discover they are no good at baseball or hockey, they put away their bats and their skates and they take up amateur golf or stamp collecting or gardening. But when people discover they are no good at picking stocks, they are likely to continue to do it anyway.

The Rule of 72 is useful in determining how fast money will grow. Take the annual return from any investment, expressed as a percentage, and divide it into 72. The result is the number of years it will take to double your money.

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.

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

The stock market really isn't a gamble, as long as you pick good companies that you think will do well, and not just because of the stock price.

When you sell in desperation, you always sell cheap.

I don't know anyone who said on their deathbed: 'Gee, I wish I'd spent more time at the office.'