A stock market decline is as routine as a January blizzard in Colorado. If you're prepared, it can't hurt you. A decline is a great opportunity to pick up the bargains left behind by investors who are fleeing the storm in panic.

My high-tech aversion caused me to make fun of the typical biotech enterprise: $100 million in cash from selling shares, one hundred Ph.D.'s, 99 microscopes, and zero revenues.

You should not buy a stock because it's cheap but because you know a lot about it.

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

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.

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