I always say that in investing you want to buy stock in a company that has a business that's so good that an idiot can run it, because sooner or later one will. We have a country like that.

If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.

First, many in Wall Street - a community in which quality control is not prized - will sell investors anything they will buy.

Never give up searching for the job that you're passionate about.

If past history was all there was to the game, the richest people would be librarians.

It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income tax during years of 5 percent inflation. Either way, she is 'taxed' in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 100 percent income tax but doesn't seem to notice that 5 percent inflation is the economic equivalent.

If you cannot control your emotions, you cannot control your money.