Ultimately it is not the stock market nor even the companies themselves that determine an investor's fate. It is the investor. - Peter Lynch

I’m always on the lookout for great companies in lousy industries. A great industry that’s growing fast, such as computers or medical technology, attracts too much attention and too many competitors.

there was no longer an economic benefit in forcing people into a life of servitude.

One obvious sell signal is that inventories are building up and the company can’t get rid of them, which means lower prices and lower profits down the road. I always pay attention to rising inventories. When the parking lot is full of ingots, it’s certainly time to sell the cyclical. In fact, you may be a little late.