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On Tuesday, Apple (AAPL - Free Report) opened the first-ever event at the Steve Jobs Theater by honoring its late co-founder, the genius tech pioneer who the theater was named after. Current CEO Tim Cook mentioned that, as a company, Apple can now look back at Jobs' legacy with joy, which was a fitting way to kick off the historic “Special Event”—one that Jobs would have likely been proud of.

Indeed, there was something about yesterday's keynote that felt different than most of Apple's events. After announcing three impressive products—Apple Watch Series 3, Apple TV 4K, and iPhone 8—Apple hit us with Jobs' signature “One More Thing...” and revealed the iPhone X, a high-powered smartphone to celebrate the device's tenth anniversary (also read: Everything You Need to Know About the iPhone 8 and iPhone X).

So with this in mind, in honor of the opening of the Steve Jobs Theater and Apple's monumental event last night, we've decided to look at a few Jobs quotes in today's edition of Wednesday Wisdom. What can investors learn from this legendary tech industry leader? Check it out!

Jobs is really talking to consumers and would-be entrepreneurs here, but investors can basically substitute the word “important” for the word “profitable” to get some valuable insight. In today's tech industry, it's easy to get lost in the pursuit of the “next big thing” company that is definitely going to change the world. As smart investors, we have to remember that these up-and-coming companies aren't the only way to profit.

Jobs is clearly not a forward-thinking baseball mind, but his advice is still relevant to investors: it's always better to find one high-quality stock than a bunch of mediocre stocks. Yes, a diversified portfolio is important to have, but holding a bunch of okay stocks just for the sake of it—or because you're still hoping they'll pay off big—is probably not worth your time.

This is perhaps the most important advice for investors to remember. Indeed, on Wall Street, sometimes inaction is better than action. Those big one-day slumps may scare off some investors, but others know that being able to hold stocks through short-term volatility is a great skill to have. On the other hand, learning to avoid the over-hyped stock—the one that could collapse at any point—is an important tool to have.

Want more advice from the investing greats? Check out the previous edition of Wednesday Wisdom, 3 Quotes on Investing from Warren Buffett's Right-Hand Man, Charlie Munger, and remember to check back here next week!

Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!

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