My method for picking stocks has never changed. When businesses go from crappy to semicrappy, there's money to be made.

I'm always fully invested. It's a great feeling to be caught with your pants up.

Most investors would be better off in an index fund.

When you start to confuse Freddie Mac, Sallie Mae and Fannie Mae with members of your family, and you remember 2,000 stock symbols but forget the children's birthdays, there's a good chance you've become too wrapped up in your work.

In the long run, a portfolio of well chosen stocks and/or equity mutual funds will always outperform a portfolio of bonds or a money-market account. In the long run, a portfolio of poorly chosen stocks won't outperform the money left under the mattress.

Just because you buy a stock and it goes up does not mean you are right. Just because you buy a stock and it goes down does not mean you are wrong.

When even the analysts are bored, it's time to start buying.