Diversification is protection against ignorance. It makes little sense if you know what you are doing.

An argument is made that there are just too many question marks about the near future; wouldn't it be better to wait until things clear up a bit? You know the prose: "Maintain buying reserves until current uncertainties are resolved," etc. Before reaching for that crutch, face up to two unpleasant facts: The future is never clear and you pay a very high price for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.

Someone is sitting in the shade today because someone planted a tree a long time ago.

If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value.

I view derivatives as time bombs, both for the parties that deal in them and the economic system.

Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.

It is to our advantage to have securities do nothing price-wise for months, or perhaps years, while we are buying them.