The investor of today does not profit from yesterday's growth.

Asset-heavy businesses generally earn low rates of return - rates that often barely provide enough capital to fund the inflationary needs of the existing business, with nothing left over for real growth, for distribution to owners, or for acquisition of new businesses

What motivates most gold purchasers is their belief that the ranks of the fearful will grow. During the past decade that belief has proved correct. Beyond that, the rising price has on its own generated additional buying enthusiasm, attracting purchasers who see the rise as validating an investment thesis. As 'bandwagon' investors join any party, they create their own truth - for a while.

The stockmarket is a semi-psychotic creature given to extremes of elation and despair.

Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.

Time is your friend, impulse is your enemy. Take advantage of compound interest and don't be captivated by the siren song of the market.

John Maynard Keynes essentially said, don't try and figure out what the market is doing. Figure out a business you understand, and concentrate.