A public-opinion poll is no substitute for thought.

The three most important words in investing...Margin of Safety.

The gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss.

Don't pass up something that's attractive today because you think you will find something way more attractive tomorrow.

In the world of business, the people who are most successful are those who are doing what they love.

The major asset in this category is gold, currently a huge favorite of investors who fear almost all other assets, especially paper money (of whose value, as noted, they are right to be fearful). Gold, however, has two significant shortcomings, being neither of much use nor procreative. True, gold has some industrial and decorative utility, but the demand for these purposes is both limited and incapable of soaking up new production. Meanwhile, if you own one ounce of gold for an eternity, you will still own one ounce at its end.

The important thing is to keep playing, to play against weak opponents and to play for big stakes.