The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.

Wide diversification is only required when investors do not understand what they are doing.

Do not take yearly results too seriously. Instead, focus on four or five-year averages.

When investing, pessimism is your friend, euphoria the enemy.

The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

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