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Came across these rules from Bernard Baruch, the Lone Wolf of Wall Street. Thought I'd share this, as the guy wrote this (1957) after decades of experience:
The main purpose of the stock market is to make fools of as many men as possible.
- Don't speculate unless you can make it a full-time job.
- Beware of barbers, beauticians, waiters—of anyone—bringing gifts of "inside" information or "tips."
- Before you buy a security, find out everything you can about the company, its management and competitors, its earnings, and possibilities for growth.
- Don't try to buy at the bottom and sell at the top. This can't be done—except by liars.
- Learn how to take your losses quickly and cleanly. Don't expect to be right all the time. If you have made a mistake, cut your losses as quickly as possible.
- Don't buy too many different securities. Better to have only a few investments that can be watched.
- Make a periodic reappraisal of all your investments to see whether changing developments have altered their prospects.
- Study your tax position to know when you can sell to greatest advantage.
- Always keep a good part of your capital in a cash reserve. Never invest all your funds.
- Don't try to be a jack of all investments. Stick to the field you know best.
The main purpose of the stock market is to make fools of as many men as possible.
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