If You Don't Make Mistakes

Asset-heavy Businesses Generally Earn Low Rates Of Return - Rates That Often Barely Provide Enough Capital To Fund The Inflationary Needs Of The Existing Business, With Nothing Left Over For Real Growth, For Distribution To Owners, Or For Acquisition Of New Businesses

So Smile When You Read A Headline That Says "investors Lose As Market Falls." Edit It In Your Mind To "disinvestors Lose As Market Falls-but Investors Gain." Though Writers Often Forget This Truism, There Is A Buyer For Every Seller And What Hurts One Necessarily Helps The Other. (as They Say In Golf Matches: "every Putt Makes Someone Happy.")

Only When The Tide Goes Out Do You Discover Who's Been Swimming Naked.

What You Really Want To Do In Investments Is Figure Out What's Important And Knowable. If It's Unimportant Or Unknowable You Forget About It.

For Some Reason, People Take Their Cues From Price Action Rather Than From Values. What Doesn't Work Is When You Start Doing Things That You Don't Understand Or Because They Worked Last Week For Somebody Else. The Dumbest Reason In The World To Buy A Stock Is Because It's Going Up.