"Last transaction price cannot and should not be a tool to measure the success or failure ofinvesting."

"Detach yourself from day-to-day price action. As an investor, your primary focus should always be the business."

"If your initial decision to buy is based on market price, all of your subsequent decisions will be based on price."

"In a rapidly rising market, the stretch of prices between two points of time is amplified, then so is the general public’s behavior towards prices."

"It is essential for a stock investor to understand the pricing model of the bonds."

"The most significant benefit of a diversified portfolio is psychological stability when you need it the most."

"Selecting twenty to thirty good stocks in unrelated industries is not an easy task. It takes immense efforts to follow twenty shares, so investors take the shortcut. They try to replace the efforts with more shares, hundreds of those."

"Proper diversification can be achieved with a handful of assets. On the other hand, a poorly selected portfolio with hundreds of stocks and bonds can be inadequate for diversification purposes."

"Always write down all the reasons of why you are buying an asset. Review the list periodically and only sell when the majority of reasons are not valid anymore."

"Mandatory allocation of capital between bonds and stocks by mutual funds creates tremendous short-term opportunities for investors."