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

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.

If you spend more than 13 minutes analyzing economic and market forecasts, you've wasted 10 minutes

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.

More money is lost anticipating the changes in the overall stock market than any other way of investing.

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

You shouldn't just pick a stock - you should do your homework.