If you can eliminate the government as a 39.6% partner, then you will be much better off.

A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learns some very old lessons.

Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.

It is to our advantage to have securities do nothing price-wise for months, or perhaps years, while we are buying them.

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.

It makes a difference who the treasury secretary is.

A single year's performance is of minor importance and, good or bad, should never be taken seriously.