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

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.

Never invest in a company without understanding its finances. The biggest losses in stocks come from companies with poor balance sheets.

I don't go near the money and the money doesn't go near me.

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

Most investors would be better off in an index fund.

There is always something to worry about. Avoid weekend thinking and ignoring the latest dire predictions of the newscasters. Sell a stock because the company's fundamentals deteriorate, not because the sky is falling.