Twenty years in this business convinces me that any normal person using the customary three percent of the brain can pick stocks just as well, if not better, than the average Wall Street expert.

That's not to say there's no such thing as an overvalued market, but there's no point worrying about it.

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.

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

I spend about fifteen minutes a year on economic analysis.

If you have the stomach for stocks, but neither the time nor the inclination to do the homework, invest in equity mutual funds.

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.