Often, there is no correlation between the success of a company's operations and the success of its stock over a few months or even a few years. In the long term, there is a 100 percent correlation between the success of the company and the success of its stock. This disparity is the key to making money; it pays to be patient, and to own successful companies.

Invest in businesses any idiot could run, because someday one will.

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.

Long-term investing has gotten so popular, it's easier to admit you're a crack addict than to admit you're a short-term investor.

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

Often, there is no correlation between the success of a company's operations and the success of its stock over a few months or even a few years. In the long term, there is a 100 percent correlation between the success of the company and the success of its stock. This disparity is the key to making money; it pays to be patient, and to own successful companies.

Absent a lot of surprises, stocks are relatively predictable over twenty years. As to whether they're going to be higher or lower in two to three years, you might as well flip a coin to decide.