Investors, of course, can, by their own behavior make stock ownership highly risky. And many do. Active trading, attempts to "time" market movements, inadequate diversification, the payment of high and unnecessary fees to managers and advisors, and the use of borrowed money can destroy the decent returns that a life-long owner of equities would otherwise enjoy. Indeed, borrowed money has no place in the investor's tool kit.

You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.

Calculate "owner earnings" to get a true reflection of value.

Read 500 pages every day. That's how knowledge works. It builds up like compound interest.

We continue to make more money when snoring than when active.

Buy companies with strong histories of profitability and with a dominant business franchise.

I have no idea on timing. It’s easier to tell what will happen than when it will happen. I would say that what is going on in terms of trade policy is going to have very important consequences.