1. Bulls and bears make money; pigs get slaughtered.
2. It's okay to pay taxes.
3. Don't buy all at once; arrogance is a sin.
4. Look for broken stocks, not broken companies.
5. Diversification is the only free lunch.
6. Buy and homework; not buy and hold.
7. No one ever made a dime by panicking.
8. Own the best of breed; it is worth it.
9. He who defends everything, defends nothing. Discipline trumps conviction.
10. The fundamentals must be good in takeovers.
11. Don't own too many stocks.
12. Cash and sitting on the sidelines are fine alternatives.
13. No woulda shoulda coulda.
14. Expect corrections; don't be afraid of them.
15. Don't forget bonds.
16. Never subsidize losers with winners.
17. Hope is not part of the equation; this is not a sporting event - this is money.
18. Be flexible.
19. When high-level people quit a company, something is wrong.
20. Patience is a virtue; giving up on value is a sin.
21. Just because someone says it on TV doesn't make it so.
22. Always wait thirty days after an earnings preannouncement before you buy.
23. Never underestimate the Wall Street promotion machine.
24. Be able to explain your stock picks to someone else.
25. There is always a bull market somewhere.
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