Hold no more stocks than you can remain informed on.

The person that turns over the most rocks wins the game. And that's always been my philosophy.

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.

I spend about fifteen minutes a year on economic analysis.

Never buy anything that you can't illustrate on the back of a napkin.

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

All you need for a lifetime of successful investing is a few big winners, and the pluses from those will overwhelm the minuses from the stocks that don't work out.