Emotional makeup is more important than technical skill

If you hit a hole in one every hole, you wouldn’t play golf for very long.

The best way in my view is to just buy a low-cost index fund and keep buying it regularly over time, because you'll be buying into a wonderful industry, which in effect is all of American industry... People ought to sit back and relax and keep accumulating over time.

Too often, executive compensation in the U.S. is ridiculously out of line with performance. That won't change, moreover, because the deck is stacked against investors when it comes to the CEO's pay. The upshot is that a mediocre-or-worse CEO - aided by his handpicked VP of human relations and a consultant from the ever-accommodating firm of Ratchet, Ratchet and Bingo - all too often receives gobs of money from an ill-designed compensation arrangement.

I mean, you may be very mad at some guy that walked away with a huge golden parachute, but that really isn't the important thing.

You should look at stocks as small pieces of business.

There are 309 million people out there that are trying to improve their lot in life. And we've got a system that allows them to do it.