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Too many investors overvalue companies in the near term while undervaluing them in the long term.

But if you look at WorldCom, which is the biggest failure to date, they grew dramatically, they were buying companies that were bigger than they were and they were doing it off inflated stock.

I think you have to learn that there's a company behind every stock, and that there's only one real reason why stocks go up. Companies go from doing poorly to doing well or small companies grow to large companies.

Great investments may look crazy but really may not be.

Investors covet past improvements but also always believe pricing unimaginable future creativity and efficiency gains is Pollyannaish. And they're always wrong. Bet on it.

You'll get nowhere buying stocks just because they have a great story.

Do not buy the hype from Wall St. and the press that stocks always go up. There are long periods when stocks do nothing and other investments are better.

Just because a stock is down doesn't mean it's a great buy.

The real key to making money in stocks is not to get scared out of them.

Investors should invest on what they know. The biggest mistake is to invest on what they don't know.