The Seven Immutable Laws of Investing


In my previous missive I concluded that investors should stay true to the principles that have always guided (and

Should always guide) sensible investment, but I left readers hanging as to what I believe those principles might

Actually be. So, now, for the moment of truth, I present a set of principles that together form what I call The Seven

Immutable Laws of Investing.

They are as follows:

1. Always insist on a margin of safety

2. This time is never different

3. Be patient and wait for the fat pitch

4. Be contrarian

5. Risk is the permanent loss of capital, never a number

6. Be leery of leverage

7. Never invest in something you don’t understand

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