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.
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Go for a business that any idiot can run - because sooner or later, any idiot probably is going to run it.
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I've always been a great lover of baseball.
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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.
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Don't bottom fish.
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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.'
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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.
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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.
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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.