Paradoxically, when 'dumb' money acknowledges its limitations, it ceases to be dumb.

Most investors, both institutional and individual, will find that the best way to own common stocks (shares') is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) of the great majority of investment professionals.

You only have to do a very few things right in your life so long as you don't do too many things wrong.

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.

The plan itself is opportunism. There is no plan before that.

Investors should remember that excitement and expenses are their enemies.

The true investor welcomes volatility ... a wildly fluctuating market means that irrationally low prices will periodically be attached to solid businesses.