Sublime

John Maynard Keynes. Here’s what he wrote 81 years ago: It is dangerous . . . to apply to the future inductive arguments based on past experience, unless one can distinguish the broad reasons why past experience was what it was. But if we can distinguish the reasons the past was what it was, then we can establish reasonable expectations about the f

Rule 3: Set High Standards and Values—and Stick to Them

The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation.

For the defensive investor who required assistance, Graham originally recommended professional investment advisers who rely on “normal investment experience for their results . . . and who make no claim to being brilliant [but] pride themselves on being careful, conservative, and competent . . . whose chief value to their clients is in shielding th

This great acquisitive era ended in the market collapse of 1973–74, when Wall Street finally realized that the best and the brightest were not as ingenious as expected, and even the most charming of corporate directors could not turn all those toads they bought into princes.

Rule 1: Make Caring the Soul of the Organization

First Trust Dow Jones Select MicroCap Index Fund (FDM)

He doesn’t search for investments in analyst reports, or by speaking to sell-side researchers. “People on Wall Street tend to be very articulate, highly educated and intelligent, and can be very persuasive,” he says. “It’s best to just stay away.”