Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.
A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.
We will prosper or suffer in controlled investments in relation to the operating performances of our businesses - we will not attempt to profit by playing various games in the securities markets.
I have an 800 freephone number now that I call if I get the urge to buy an airline stock. I call at two in the morning and I say: "My name is Warren and I'm an aeroholic." And then they talk me down.
I've never been very fully employed either but just think of what it's like, you know, to go home with a mortgage payment you know and kids and everything else. My dad had that happen to him in the early '30s.