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Sometimes my mistake has been hesitancy about acting on the decisions I've made. When's the best time to invest? It's today, not tomorrow.

Rather than engage in the sort of selective retention that so many investors tend to do and pretend mistakes never happened, I prefer to 'own' them. This allows me to learn from them and, with any luck, avoid making the same errors again.

The chief problem with the individual investor: He or she typically buys when the market is high and thinks it's going to go up, and sells when the market is low and thinks it's going to go down.

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

One thing about the business and investing world that I connect to very intimately is that there is little room to deny the harsh realities of your mistakes. A bad call can lose you many millions.

The biggest mistake to me is complacency.

A lot of what I do is running businesses rather than buying stocks. My worst decision is probably when I know I have the wrong chief executive running the business, and I keep on waiting to make the difficult decision of replacing him.

The wisest rule in investment is: when others are selling, buy. When others are buying, sell. Usually, of course, we do the opposite. When everyone else is buying, we assume they know something we don't, so we buy. Then people start selling, panic sets in, and we sell too.

I think it's a mistake to rely too much on any one economic factor. It's why investors try to spread their portfolio round.

As a bull market continues, almost anything you buy goes up. It makes you feel that investing in stocks is a very easy and safe and that you're a financial genius.