When stocks are attractive, you buy them. Sure, they can go lower. I've bought stocks at $12 that went to $2, but then they later went to $30. You just don't know when you can find the bottom.

In this business if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.

The stock market really isn't a gamble, as long as you pick good companies that you think will do well, and not just because of the stock price.

Never invest in any idea you can't illustrate with a crayon

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.

All you need for a lifetime of successful investing is a few big winners, and the pluses from those will overwhelm the minuses from the stocks that don't work out.

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