Rule:2 Never forget rule 1
2> Never be afraid to ask for too much when selling or offer too little when buying.
3> Look for business in which you think you can predict what they are going to look like in
10 to 15 years time. Take Wrigley’s chewing gum. I don’t think internet is going to change
How people chew gum.
4> “If calculus or algebra were required to be a great investor, I’d have to go back to delivering newspaper”. All you need is addition, subtraction, multiplication, division and some little knowledge of percentage and probability. Anything more is a waste and anything less, you can’t play the game.
5> You want to learn from experience, but you want to learn from other’s experience when you can.
6> It is hard to teach a young dog, old tricks. All that matters here is age and experience. Youth and enthusiasm has no value.
7> Wall street makes its money on activity. You make your money on inactivity.
8> “You only have to do a very few things right in your life. So long as you don’t do too many things wrong”
9> Fearful when others are greedy. Greedy when others are fearful.
10> The most important thing to do if you are in a hole is stop digging.
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