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If owning stocks is a long-term project for you, following their changes constantly is a very, very bad idea. It's the worst possible thing you can do, because people are so sensitive to short-term losses. If you count your money every day, you'll be miserable.

The last thing you want to do, unless it's a very unusual situation, is to invest money.

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.

This is our 40th year in business. We don't have a single penny from outside investors, and we never borrowed heavily from the banks. We have a healthy balance sheet and more credit than we can use.

Companies typically borrow money at less than their return on equity and therefore compound their return at the expense of lenders.

All I'm trying to do is manage money and take care of my shareholders.

Financing is tough, and you really have to work hard in the businesses you invest in.

You have no control over the market. You can't predict where it will go, and you can't bring it back from the depths. What you can do is save more. Make sure you have cash on hand - an emergency fund of at least six months of expenses.