Never Invest In Any Idea You Can't

As I Look Back On It Now, It's Obvious That Studying History And Philosophy Was Much Better Preparation For The Stock Market Than, Say, Studying Statistics.

Avoid Hot Stocks In Hot Industries.

If You're Lucky Enough To Have Been Rewarded In Life To The Degree That I Have, There Comes A Point At Which You Have To Decide Whether To Become A Slave To Your Net Worth By Devoting The Rest Of Your Life To Increasing It Or To Let What You've Accumulated Begin To Serve You.

Long-term Investing Has Gotten So Popular, It's Easier To Admit You're A Crack Addict Than To Admit You're A Short-term Investor.

If You Can Find A Company That Can Get Away With Raising Prices Year After Year Without Losing Customers (an Addictive Product Such As Cigarettes Fills The Bill), You've Got A Terrific Investment.