If you go to Minnesota in January, you should know that it's gonna be cold. You don't panic when the thermometer falls below zero.
Go for a business that any idiot can run - because sooner or later, any idiot probably is going to run it.
You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets.
I've found that when the market's going down and you buy funds wisely, at some point in the future you will be happy. You won't get there by reading 'Now is the time to buy.'
In the summer of 1990, I was buying stocks and I was probably three or four months early there. But we had a great rally in 1991.
It's human nature to keep doing something as long as it's pleasurable and you can succeed at it - which is why the world population continues to double every 40 years.
But my system for over 30 years has been this: When stocks are attractive, you buy them. Sure, they can go lower. I've bought stocks at $12 that went to $2, but then they later went to $30.
Well, I think the secret is if you have a lot of stocks, some will do mediocre, some will do okay, and if one of two of 'em go up big time, you produce a fabulous result. And I think that's the promise to some people.
When stocks are attractive, you buy them. Sure, they can go lower. I've bought stocks at $12 that went to $2, but then they later went to $30. You just don't know when you can find the bottom.
So while I was in college I did a little study on the freight industry, the air freight industry. And I looked at this company called Flying Tiger. And I actually put a thousand dollars in it and I remember I thought this air cargo was going to be a thing of the future.
Suicide is a permanent solution to a temporary problem. Suicide is a choice and I think if we work with that with kids, we'll get somewhere.
I've found that when the market's going down and you buy funds wisely, at some point in the future you will be happy.