One great thing about investing is that, unlike the pitcher who starts to lose his fastball in his mid-30s, my fastball as an investor should keep getting better. I'm one of those guys who says “Thank God it's Monday,” because this is as much my hobby as it is how I make a living. If [...]

I started out in 1974 with a Ben Graham value strategy, which suited my personality. For eight years the market did nothing, but it was a great time for stock pickers and value investing, so things went very well. Around 1982 it hit me that there were a lot of lousy stocks in my portfolio [...]