If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.

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

Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.

I’ve never believed in risking what my family and friends have and need in order to pursue what they don’t have and don’t need.

The optimum portfolio depends on the various expectations of choices available and the degree of variance in performance which is tolerable. The greater the number of selections, the less will be the average year-to-year variation in actual versus expected results. Also, the lower will be the expected results, assuming different choices have different expectations of performance.

I think you'll have plenty of scrutiny as how the money's invested. I mean, just like the RFC. When the RFC operated, people knew which institutions they were buying preferred stock in. And it worked very well.

Exercise humility and restraint.