Putting your pants on one leg at a time
I have always liked the pants comment from Peter Lynch. The book was published in 1989, so I believe that investors in WMT, FDX and AAPL would have been tremendously rewarded, 20 years on.
"Keeping the faith and stockpicking are normally not discussed in the same paragraph, but success in the latter depends on the former. You can be the world's greatest expert on balance sheets or p/e ratios, but without faith, you'll tend to believe the negative headlines. You can put your assets in a good mutual fund, but without faith you'll sell when you fear the worst, which undoubtedly will be when prices are their lowest.
"What sort of faith am I talking about? Faith that America will survive, that people will continue to get up in the morning and put their pants on one leg at a time, and that the corporations that make the pants will turn a profit for the shareholders. Faith that as old enterprises lose momentum and disappear, exciting new ones such as Wal-Mart (NYSE:WMT), Federal Express (NYSE:FDX) and Apple Computer (NASDAQ:AAPL) will emerge to take their place."
Keep the faith and keep investing, in 20 years, I believe you will be glad that you did. If you do not own three of my favorite stocks, I believe they are worth taking a look at.