Confidence in markets and in institutions, it's a lot like oxygen. When you have it, you don't even think about it. It's indispensable. You can go years without thinking about it. When it's gone for five minutes, it's the only thing to think about.

Don't settle for anything other than your passion - if you're lucky enough to find it.

The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the "know-nothings" - must win.

All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it.

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

So if you are evaluating others (or yourself!) in the investment field, think out some standards - apply them - interpret them.

You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right - that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else.