What can you learn from the 'Oracle of Omaha'?

Warren Buffet, the “Oracle from Omaha,” is considered one of the most successful investors in history. Yet while the investment world may seem complex, Mr. Buffet’s advice is actually pretty simple. Here are a few Buffet quotes, along with some suggestions on putting them to use:

“Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”

Essentially, this means you should look for good investment vehicles whose price may have dropped. A “bear” market tends to drag down many stocks — even those with strong fundamentals and favor...