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

Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.

Taking jobs to build up your resume is the same as saving up sex for old age.

If, when making a stock investment, you're not considering holding it at least ten years, don't waste more than ten minutes considering it.

It is obvious that the performance of a stock last year or last month is no reason, per se, to either own it or to not own it now. It is obvious that an inability to "get even" in a security that has declined is of no importance. It is obvious that the inner warm glow that results from having held a winner last year is of no importance in making a decision as to whether it belongs in an optimum portfolio this year.

The gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss.

When you're associating with the people that you love, doing what you love, it doesn't get any better than that.