Too often, a vast collection of possessions ends up possessing its owner.

Only when the tide goes out do you discover who's been swimming naked.

Our favorite holding period is forever. We are just the opposite of those who hurry to sell and book profits when companies perform well but who tenaciously hang on to businesses that disappoint. Peter Lynch aptly likens such behavior to cutting the flowers and watering the weeds.

It's nice to have a lot of money, but you know, you don't want to keep it around forever. I prefer buying things. Otherwise, it's a little like saving sex for your old age.

Games are won by players who focus on the playing field –- not by those whose eyes are glued to the scoreboard.

Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

If you aren't thinking about owning a stock for ten years, don't even think about owning it for ten minutes.

Cash combined with courage in a time of crisis is priceless.” -Warren Buffett