A quote from the book The Value
Investors (which I was lucky enough to receive an early copy of, and
which I highly recommend) with some good advice from the late Walter Schloss:
“When it comes to investing,” Schloss advised, “my suggestion is to first understand your strengths and weaknesses, and then devise a simple strategy so that you can sleep at night! Remember that a share of stock represents a part of a business, and so you need to understand its financials before making a judgment. When you have made a sound decision, make sure you have the courage to stay true to your convictions and not let the market affect your emotions. After all, investing should be fun and challenging, not stressful and worrying.”
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Book (comes out next month, but you can pre-order now): The Value
Investors: Lessons from the World's Top Fund Managers - By Ronald Chan