I don't try and guess when to get in and out of the market. I have owned stocks consistently since 1942. I owned the - I was buying stocks the day before the election. I was buying the same stocks the day after election. And if Hillary had been elected, it would have been the same thing.

The real fortunes in this country have been made by people who have been right about the business they invested in, and not right about the timing of the stock market.

Two rules: 1. Preserve the principal 2. When in doubt, see Rule #1.

For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it's going up.

Wide diversification is only required when investors do not understand what they are doing.

An ounce of prevention is worth a pound of cure understated.

Knowing the edge of your competency is important. If you think you know more than you do, you will get in trouble.