I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.
Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.
We've been in a recession, by any common sense definition, because if you look at the American public, they've got 20 billion - 20 trillion, I should say, worth of residential homes.
Every day that goes by, I mean, if you don't react to Pearl Harbor for a week or two weeks or three weeks, you're behind in the war that you otherwise would have fought.
The latter qualification brings to mind a fellow who applied for a job and stated he had twenty years of experience-which was corrected by a former employer to read "one year's experience-twenty times.
If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value.