As Warren Buffett turns 91, here are some golden investing rules by the oracle of Omaha

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"Rule number one: Never lose money. Rule number two: Never forget rule number one." Not that Buffett has lost any but he hasn't lost a penny to frivolousness. This is what he is saying, do not ever lose your money due to your cavalier attitude. I don't know who needs to hear this, but it is not okay to lose money.

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"Never invest in businesses you cannot understand." Buffett regretted not investing money in Google on time, because he could not understand the business model. Despite him losing on not being an early investor and losing some good opportunities, he invested only when he understood the company. Moral: There is a risk in your investment -- more than usual -- if you don't know what you're doing.

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"Our favorite holding period is forever." Warren Buffett says if you are not comfortable holding a stock for 10 years, do not hold if for 10 minutes. Fearfulness or greed can make investors act on instincts. They end up buying or selling stocks and destory their portfolios in long run. Buffett advises against it.

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"The market can price things wrong," he says. So do not focus on short-term price swings, focus on the value you are getting from your investment.

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"When investing, innovate, do not follow." He says, "you need to divorce your mind from the crowd." Study and develop your own investment strategies, do not follow someone else's greed and fears. Know what you are doing.

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"Never invest on borrowed money." Buffett says it is crazy to borrow money to invest. If you borrow and invest, your actions would be too tied to your need to repay the money. It becomes difficult to make long term decisions on borrowed money because you have to pay it back. In such cases, you might end up becoming prey to greed or fear.