The most important thing is to invest and buy shares in successful businesses. The second most important thing is to buy right and do not pay excessive amounts.

If you have some working knowledge of business and accounting and have a lot of patience to ride out market ups and downs, you can be a stock picker. You just need to understand that stocks are proportionate ownership of earning businesses.

In the investment world, greed and fear are the lifeblood. Without these, there would be no economy, no capital market, and no transaction.

Investments are not a lottery; if it feels like the lottery, stay away from it.

All common investments have a great feature; the maximum amount you can lose is your capital.

One emotionally-driven investment that causes massive losses is enough to keep you away from all investments for life.

The greatest fear of a professional investor, who manages money for a living, is capital withdrawals at the wrong time.

Individual investors have significant advantages over professional money managers. Retail investors, like you and I, have nobody to report. We have no benchmark to beat and have no fear of capital flight. There are no quarter and year ends, and performance is not linked to calendars.

Traders and investors are humans, full of emotions, behavior biases, and good and bad past experiences. We don’t have much control over psychological shortcomings, and we routinely make decisions contaminated with our emotions and biases.