think indipendently! (xxi)
Investments
perdere è un modo di apprendere. E vincere, un modo di dimenticare quel che si è appreso by Drummond De Andrade (VII)
invest in cash flow, not in capital gains
a powerful and profitable belief system: I believe the current trade I am in will be a loser…a big loser at that.
I was interested in the information that was sufficient to make a decision (36)
the distribution of returns is NOT always normal and it is NOT true that an event that had not happened before had a zero chance of happening in the future (255)
Benny listed some specific rules: don’t play takeover stocks; be patient; don’t take home losers; don’t average down; eliminate the things you do poorly; stop rationalizing your mistakes by pointing to how well you are doing. make the commitement, create your own lists, and live by the lists. The one thing that has to be on the list is to be brutally honest with yourself. (38)
**do not personalize success and take responsibilities for failures **(XII)
Invest in assets (=they generate income) no liabilities (=they generate debts)
Ask yourself: if there was no market for these shares, would I be willing to have an investment in this company on these terms? (36)