Imagine If You Borrowed Your Parents' Car

There's No Shame In Losing Money On A Stock. Everybody Does It. What Is Shameful Is To Hold On To A Stock, Or Worse, To Buy More Of It When The Fundamentals Are Deteriorating.

Your Ultimate Success Or Failure Will Depend On Your Ability To Ignore The Worries Of The World Long Enough To Allow Your Investments To Succeed.

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.

As I Look Back On It Now, It's Obvious That Studying History And Philosophy Was Much Better Preparation For The Stock Market Than, Say, Studying Statistics.

There's No Use Diversifying Into Unknown Companies Just For The Sake Of Diversity. A Foolish Diversity Is The Hobgoblin Of Small Investors. That Said, It Isn't Safe To Own Just One Stock, Because In Spite Of Your Best Efforts, The One You Choose Might Be The Victim Of Unforeseen Circumstances. In Small Portfolios, I'd Be Comfortable Owning Between Three And Ten Stocks.