Warren Buffett: How the Average People Can Invest

• Benjamin Graham distinguishes investors into Defensive or Aggressive Investors
• If you are an active investor, look at as many things as possible
• You will find some bargains within them.
• When you find a bargain, you need to act.
• Start turning pages.  Moody's 10,000 pages, twice!
• You need to find these bargains yourself.  
• The world is not going to tell you about a great deal.
• This will take a bit of time.
• Those unwilling or are passive investors, should invest in index funds consistently over time.
• The worst investment in the world is cash.
• Cash is going to be worth less overtime, unlike good businesses.
• Good businesses are going to be worth more over time.
• You do not want to pay too much for them, so you must maintain some discipline on how much you pay for them.
• Find good businesses and stick with them.
• Keep enough cash to feel comfortable and to sleep well; so no one can determine your future.
• Cash is a bad investment over time.
• Financial panic is behind us.  The economic pain is still with us.
• It will end and won't go on forever.  It may end next month or next year.
• It won't go on forever; don't try to pick the bottom.  
• The bottom hasn't come in unemployment, in business but has come in stock.
• Don't pass out on something you find attractive today because you hope to find something way more attractive tomorrow.