In The Summer Of 1990,

In The Long Run, A Portfolio Of Well Chosen Stocks And/or Equity Mutual Funds Will Always Outperform A Portfolio Of Bonds Or A Money-market Account. In The Long Run, A Portfolio Of Poorly Chosen Stocks Won't Outperform The Money Left Under The Mattress.

The Biggest Winners Are Surprises To Me, And Takeovers Are Even More Surprising. It Takes Years, Not Months, To Produce Big Results.

There Seems To Be An Unwritten Rule On Wall Street: If You Don't Understand It, Then Put Your Life Savings Into It. Shun The Enterprise Around The Corner, Which Can At Least Be Observed, And Seek Out The One That Manufactures An Incomprehensible Product.

My High-tech Aversion Caused Me To Make Fun Of The Typical Biotech Enterprise: $100 Million In Cash From Selling Shares, One Hundred Ph.d.'s, 99 Microscopes, And Zero Revenues.

I've Found That When The Market's Going Down And You Buy Funds Wisely, At Some Point In The Future You Will Be Happy. You Won't Get There By Reading 'now Is The Time To Buy.'