Bernard Baruch (August 19, 1870 – June 20, 1965) was the son of a South Carolina physician whose family moved to New York City when he was eleven year old. By his mid-twenties, he is able to buy an $18,000 seat on the exchange with his winnings and commissions from being a broker. By age 30, he is a millionaire and is known all over The Street as “The Lone Wolf”.
In his two-volume 1957 memoirs, My Own Story, Baruch left us with the following timeless rules for playing the game:
“Being so skeptical about the usefulness of advice, I have been reluctant to lay down any ‘rules’ or guidelines on how to invest or speculate wisely. Still, there are a number of things I have learned from my own experience which might be worth listing for those who are able to muster the necessary self-discipline:”
1. Don’t speculate unless you can make it a full-time job.
2. Beware of barbers, beauticians, waiters — of anyone — bringing gifts of “inside” information or “tips.”
3. Before you buy a security, find out everything you can about the company, its management and competitors, its earnings and possibilities for growth.
4. Don’t try to buy at the bottom and sell at the top. This can’t be done — except by liars.
5. Learn how to take your losses quickly and cleanly. Don’t expect to be right all the time. If you have made a mistake, cut your losses as quickly as possible.
6. Don’t buy too many different securities. Better have only a few investments which can be watched.
7. Make a periodic reappraisal of all your investments to see whether changing developments have altered their prospects.
8. Study your tax position to know when you can sell to greatest advantage.
9. Always keep a good part of your capital in a cash reserve. Never invest all your funds.
10. Don’t try to be a jack of all investments. Stick to the field you know best.
Baruch would later go on from Wall Street to Washington DC as an advisor to both Woodrow Wilson and to FDR during World War II.
Later, he became known as the Park Bench Statesman, owing to his fondness for discussing policy and politics with his acquaintances outdoors.
He lived til a few days shy of his 95th birthday in 1965. You could do worse than to invest and live based on these simple truths.
Fantastic website! I discovered it whilst surfing close to on Yahoo News. Do you have any suggestions on how to get detailed in Yahoo News? I’ve been trying for a whilst but I never appear to get there! Cheers
Just beneath, are a whole lot of absolutely not associated world wide web websites to ours, nevertheless, they may be definitely actually well worth heading more than.
I was curious if you ever imagined of altering the layout of your internet site? Its quite effectively composed I adore what youve acquired to say. But perhaps you could a tiny more in the way of articles so people could link with it much better. Youve…
I know this if off topic but I’m hunting into starting my personal weblog and was curious what all is needed to get established up? I’m assuming having a site like yours would price a quite penny? I’m not extremely world wide web savvy so I’m not one h…
When I at first commented I clicked the “Notify me when new feedback are added” checkbox and now every single time a comment is added I get three emails with the same remark. Is there any way you can get rid of me from that provider? Thank you!
Fantastic story, reckoned we could merge several unrelated knowledge, however genuinely genuinely really worth having a lookup, whoa did 1 particular master about Mid East has obtained a good deal a lot more problerms also
[…]Wonderful story, reckoned we could combine a number of unrelated data, nevertheless actually worth taking a look, whoa did a single understand about Mid East has got much more problerms also […]
I’m a New York City-based financial advisor at Ritholtz Wealth Management LLC. I help people invest and manage portfolios for them. For disclosure information please see here.
Subscribe & Reform
Get a Full Investor Curriculum: Join The Book List
Every month you'll receive 3-4 book suggestions--chosen by hand from more than 1,000 books. You'll also receive an extensive curriculum (books, articles, papers, videos) in PDF form right away.
پروکسی تلگرام
Fantastic website! I discovered it whilst surfing close to on Yahoo News. Do you have any suggestions on how to get detailed in Yahoo News? I’ve been trying for a whilst but I never appear to get there! Cheers
فیلتر شکن رایگان
you should go to the web sites we stick to, this sort of as this one certain, as it represents our picks through the web
خرید vpn
we arrived throughout a amazing website that you just could possibly delight in. Consider a look in scenario you want
Services in Croydon
[…]just beneath, are quite a few absolutely not associated web pages to ours, on the other hand, they may be surely really worth going over[…]
خرید کولر صنعتی
below are some back links to websites that we url to considering that we consider they’re value checking out
تبلیغات در گوگل
Hello there colleagues, how is all, and what you wish for to say about this post, in my look at its genuinely wonderful made for me.
خرید vpn
Just beneath, are a whole lot of absolutely not associated world wide web websites to ours, nevertheless, they may be definitely actually well worth heading more than.
sex cream
[…]the time to study or visit the subject material or web sites we’ve linked to beneath the[…]
وی پی ان سیسکو
I was curious if you ever imagined of altering the layout of your internet site? Its quite effectively composed I adore what youve acquired to say. But perhaps you could a tiny more in the way of articles so people could link with it much better. Youve…
خرید کولر صنعتی
I know this if off topic but I’m hunting into starting my personal weblog and was curious what all is needed to get established up? I’m assuming having a site like yours would price a quite penny? I’m not extremely world wide web savvy so I’m not one h…
تبلیغات در گوگل
When I at first commented I clicked the “Notify me when new feedback are added” checkbox and now every single time a comment is added I get three emails with the same remark. Is there any way you can get rid of me from that provider? Thank you!
وی پی ن آیفون
Fantastic story, reckoned we could merge several unrelated knowledge, however genuinely genuinely really worth having a lookup, whoa did 1 particular master about Mid East has obtained a good deal a lot more problerms also
good deals today
[…]usually posts some pretty intriguing stuff like this. If youre new to this site[…]
دليل
[…]usually posts some incredibly interesting stuff like this. If youre new to this site[…]
termeh
[…]Wonderful story, reckoned we could combine a number of unrelated data, nevertheless actually worth taking a look, whoa did a single understand about Mid East has got much more problerms also […]