It would be wonderful if we could avoid the setbacks with timely exits, but nobody has figured out how to predict them.

Average investors can become experts in their own field and can pick winning stocks as effectively as Wall Street professionals by doing just a little research.

Long shots almost always miss the mark.

Well, I think the secret is if you have a lot of stocks, some will do mediocre, some will do okay, and if one of two of 'em go up big time, you produce a fabulous result. And I think that's the promise to some people.

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

There's lots of stocks out there and all you need is a few of 'em. That's been my philosophy.

The list of qualities (an investor should have) include patience, self-reliance, common sense, a tolerance for pain, open-mindedness, detachment, persistence, humility, flexibility, a willingness to do independent research, an equal willingness to admit mistakes, and the ability to ignore general panic.