The best advice I was given was to "ignore the noise." Financial markets are, by nature, volatile and messy. Successful long-term investing emphasizes the fundamental underpinnings of the economy and companies. These building blocks rarely shift quickly, although market prices can change frequently and dramatically even during the course of a single trading session.
Wise investors make their decisions based on a few essential elements and are not easily deterred by market gyrations. But wise investors are also willing to adjust their views when the critical variables shift or do not play out as expected. The source of this advice was my father, Raymond Joseph.
NEXT: What I learned from Commodore Vanderbilt