Visiting stores and testing products is one of the critical elements of the analyst's job.

Although it's easy to forget sometimes, a share is not a lottery ticket... it's part-ownership of a business.

Never invest in anything that cannot be illustrated with a crayon

Visiting stores and testing products is one of the critical elements of the analyst's job.

When management owns stock, then rewarding the shareholders becomes a first priority, whereas when management simply collects a paycheck, then increasing salaries becomes a first priority.

There seems to be an unwritten rule on Wall Street: If you don't understand it, then put your life savings into it. Shun the enterprise around the corner, which can at least be observed, and seek out the one that manufactures an incomprehensible product.

It only takes a handful of big winners to make a lifetime of investing worthwhile.