There Is No Perfect Mathematical Formula For

What An Investor Needs Is The Ability To Correctly Evaluate Selected Businesses. Note That Word “selected”: You Don't Have To Be An Expert On Every Company, Or Even Many. You Only Have To Be Able To Evaluate Companies Within Your Circle Of Competence. The Size Of That Circle Is Not Very Important; Knowing Its Boundaries, However, Is Vital.

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.

A Pin Lies In Wait For Every Bubble And When The Two Eventually Meet, A New Wave Of Investors Learns Some Very Old Lessons.

Buy Into A Company Because You Want To Own It, Not Because You Want The Stock To Go Up.

Anything Can Happen Anytime In Markets. And No Advisor, Economist, Or Tv Commentator-and Definitely Not Charlie Nor I-can Tell You When Chaos Will Occur. Market Forecasters Will Fill Your Ear But Will Never Fill Your Wallet.