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

Your ultimate success or failure will depend on your ability to ignore the worries of the world long enough to allow your investments to succeed.

There's no use diversifying into unknown companies just for the sake of diversity. A foolish diversity is the hobgoblin of small investors. That said, it isn't safe to own just one stock, because in spite of your best efforts, the one you choose might be the victim of unforeseen circumstances. In small portfolios, I'd be comfortable owning between three and ten stocks.

The best stock to buy is the one you already own.

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.

During the Gold Rush, most would-be miners lost money, but people who sold them picks, shovels, tents and blue-jeans (Levi Strauss) made a nice profit.

Suicide is a permanent solution to a temporary problem. Suicide is a choice and I think if we work with that with kids, we'll get somewhere.