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.
[…]we prefer to honor several other online web pages on the web, even if they arent linked to us, by linking to them. Below are some webpages really worth checking out[…]
[…]although sites we backlink to below are considerably not connected to ours, we really feel they may be essentially worth a go via, so possess a look[…]
[…]Wonderful story, reckoned we could combine a number of unrelated data, nevertheless definitely worth taking a appear, whoa did a single understand about Mid East has got much more problerms at the same time […]
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.
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.
education memes
[…]usually posts some quite fascinating stuff like this. If youre new to this site[…]
fashion journalism
[…]very few websites that occur to be comprehensive beneath, from our point of view are undoubtedly properly worth checking out[…]
food 08844
[…]usually posts some extremely interesting stuff like this. If youre new to this site[…]
rampant vibrator
[…]we prefer to honor several other online web pages on the web, even if they arent linked to us, by linking to them. Below are some webpages really worth checking out[…]
life insurance license exam
[…]just beneath, are quite a few completely not related web-sites to ours, on the other hand, they are surely really worth going over[…]
news 27
[…]Here are a few of the websites we advocate for our visitors[…]
j crew home accessories
[…]although sites we backlink to below are considerably not connected to ours, we really feel they may be essentially worth a go via, so possess a look[…]
c health lebanon va hours
[…]one of our guests just lately recommended the following website[…]
traveling spelling
[…]Here are a number of the web-sites we recommend for our visitors[…]
8 real estate colorado
[…]just beneath, are many entirely not connected sites to ours, however, they are certainly really worth going over[…]
k home decor
[…]Wonderful story, reckoned we could combine a number of unrelated data, nevertheless definitely worth taking a appear, whoa did a single understand about Mid East has got much more problerms at the same time […]
seo agency
[…]Sites of interest we have a link to[…]
Venture Point Network
[…]check beneath, are some entirely unrelated internet sites to ours, nonetheless, they are most trustworthy sources that we use[…]
bangal ka jadu
[…]here are some links to internet sites that we link to simply because we assume they are worth visiting[…]
circles
[…]check below, are some totally unrelated internet websites to ours, nonetheless, they may be most trustworthy sources that we use[…]