You have to let the big ones make up for your mistakes.

Never invest in anything that cannot be illustrated with a crayon

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.

You can find good reasons to scuttle your equities in every morning paper and on every broadcast of the nightly news.

Never invest in a company without understanding its finances. The biggest losses in stocks come from companies with poor balance sheets.

In our society, it's been the men who've handled most of the finances, and the women who've stood by and watched men botch things up.

Well, I think the secret is if you have a lot of stocks, some will do mediocre, some will do okay, and if one of two of 'em go up big time, you produce a fabulous result. And I think that's the promise to some people.