I've been interested in the markets for a quarter-century. I've done all right, but it took me a long time to realize that I'd made far more money from investing than I ever had from "trading." It turns out that investing boils down to five simple words: buy right and sit tight. Buy great companies (when they can be bought at a good discount), and hang in there until either the earnings dry up or the stock becomes significantly overpriced. You don't plant a tree and then uproot it just because a branch fell off, or because you think winter is coming. You just stand back and let it grow. (On the other hand, if someone comes along and offers you a thousand dollars for a tree that's only worth three hundred, sell it to him and buy some good saplings with the money.) The paradox of investing is that tomorrow's price doesn't matter. Value matters. Focus on today's value, and tomorrow's price will take care of itself.