Dividends are a real return you can count on. They also signal management confidence.
Think like an owner, not a trader. Would you want to own this entire business?
Buy when there is blood in the streets, even if it is your own. Panic creates opportunity.
Never lose big money. A 50% loss requires a 100% gain to recover. Protect your capital.
Start with a hypothesis about market behavior, then test it with a small position. If the market confirms your hypothesi...
In a competitive market, revealing your edge destroys it. Keep your methods, signals, and strategies strictly confidenti...
In efficient markets, passive investing wins. In less efficient markets like private equity and venture capital, manager...
The ideal holding period is forever. If you've done your homework and bought right, let compounding work. Trading destro...
Never risk more than 10% of capital on a single trade. Always use stop-loss orders. Never let a profit turn into a loss....
Train and mentor talented young investors. Sharing knowledge elevates the entire industry and creates a legacy. The best...
Mediocre management destroys shareholder value. Hold executives accountable. If they wont change, replace them.
Look for trades where the upside is many times the downside. 5:1 reward-to-risk ratios mean you can be wrong most of the...
Never average losses. A losing position means your analysis was wrong. Cut it and move on.
Sometimes taking your case public can accelerate change. Use media and presentations to make your case.
Earnings yield (EBIT/Enterprise Value) is a better measure of cheapness than P/E ratio.
Seven-year forecasts based on valuations are remarkably accurate. Short-term is noise.
You dont need high growth. Moderate, sustainable growth at a low P/E beats expensive growth stocks.
If you truly understand a business, concentrate. A few great investments beat many mediocre ones.
Emerging markets offer better growth prospects than developed markets. Look East and South.
Be willing to change your mind quickly when evidence changes. Ego kills in markets.
Markets are always in a state of uncertainty and flux. The biggest opportunities arise in conditions far from equilibriu...
Don't rely on a single model or pattern. Use thousands of uncorrelated signals and strategies. When one stops working, o...
Endowments have perpetual time horizons. This allows us to accept illiquidity and short-term volatility in exchange for ...
Investment should be simple. If an investment idea requires complex analysis or financial engineering, walk away. The be...
Markets follow natural laws and mathematical principles. Understanding geometry, proportions, and vibrations reveals the...
Size positions according to conviction level. Your best ideas deserve the largest allocations. Don't dilute your best id...
Value unlocking takes time. Be prepared to fight for years to see your thesis play out.
Every market moves in cycles driven by economic forces, sentiment, and policy. Understanding where you are in the cycle ...
Wait for pivotal points before acting. These are moments when the market is ready to make a significant move.
Look for businesses with sustainable competitive advantages that will persist for decades.
Explore core insights from different masters across investment topics