As a child (like many others, actually), I really loved red. And I still like it. It's a great color – bright and beautiful (exactly as the word "red" suggests).
But I love black even more. Not because I'm a metalhead or "I adore darkness! Muhahaha! You'll all die!", but simply because black is a damn beautiful color. For example, while red, green, yellow, pink, etc., might not be suitable in certain situations, black is probably always a good choice. A classic example is a classic black suit. A tuxedo, a top hat, maybe.
Black is the ideal color; it contains all the colors of the spectrum (I hope you remember your school physics course), meaning there's nothing superfluous in it.
That's how I live, basically. Although I also really love white, and a silvery shade of white.
So, there you have it. My three favorite colors, and one shade.