20 Brain-Tattoo Rules for Value Investing:
1) Ego is your biggest enemy.
Humility is your best friend.
2) The longer your holding period, the higher your odds of success.
3) Plans > Prophecies.
Evidence > Opinions.
1) Ego is your biggest enemy.
Humility is your best friend.
2) The longer your holding period, the higher your odds of success.
3) Plans > Prophecies.
Evidence > Opinions.
4) Every time is different. You haven't seen this movie before. No one has.
5) Price targets are pointless.
Forecasts are foolish.
6) If it seems too good to be true, it is.
7) Cycles and Trends do exist. That does not mean they are easy to predict or navigate.
5) Price targets are pointless.
Forecasts are foolish.
6) If it seems too good to be true, it is.
7) Cycles and Trends do exist. That does not mean they are easy to predict or navigate.
8) Concentration = fastest way to build wealth & fastest way to destroy it.
9) The only certainty is uncertainty. Expect the unexpected. Suspend disbelief.
10) Time is infinitely more valuable than money. No amount of $ can buy the past.
9) The only certainty is uncertainty. Expect the unexpected. Suspend disbelief.
10) Time is infinitely more valuable than money. No amount of $ can buy the past.
11) No savings = no investing.
12) Lower fee beats higher fee on average.
13) Simplicity beats complexity on average.
14) Doing nothing (low frequency) usually beats doing something (high frequency).
12) Lower fee beats higher fee on average.
13) Simplicity beats complexity on average.
14) Doing nothing (low frequency) usually beats doing something (high frequency).
15) Don't be afraid to say "I don't know."
Stay within your circle of competence.
16) Volatility & Sentiment are mean-reverting at extremes.
17) No one rings a bell at the top or the bottom. Many ring it in hindsight.
18) The strategy you can stick with is the best strategy.
Stay within your circle of competence.
16) Volatility & Sentiment are mean-reverting at extremes.
17) No one rings a bell at the top or the bottom. Many ring it in hindsight.
18) The strategy you can stick with is the best strategy.
19) Diversification & asset allocation protect us from our inability to predict the future.
20) Controlling your emotions (fear and greed) is the hardest yet most important thing.
20) Controlling your emotions (fear and greed) is the hardest yet most important thing.
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