The greatest Enemies of the Equity investor are Expenses and Emotions.

Just imagine living on 21,000 a year. I mean you have 20 percent of the population doing that. So you don't have to worry about guys like me.

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.

A bull market is like sex. It feels best just before it ends.

I think once you start putting phony figures into financial statements, you get in a lot of trouble. And we've seen so much of that in the last 20 years.

Tell me your heroes and I'll tell you how your life will end up

The commission of the investment sins listed above is not limited to 'the little guy.' Huge institutional investors, viewed as a group, have long underperformed the unsophisticated index-fund investor who simply sits tight for decades. A major reason has been fees: Many institutions pay substantial sums to consultants who, in turn, recommend high-fee managers. And that is a fool's game.