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.
Compose a lot more, thats all I have to say. Actually, it looks as though you relied on the movie to make your level. You naturally know what youre conversing about, why waste your intelligence on just posting videos to your site when you could be offe…
Does your website have a get in touch with website page? I’m getting a hard time finding it but, I’d like to shoot you an e-mail. I’ve received some innovative ideas for your weblog you may be intrigued in listening to. Either way, wonderful website an…
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.
Peruvian Hair Wholesale
[…]Here is a superb Blog You might Obtain Interesting that we Encourage You[…]
Milky Way Hair Wholesale
[…]below youll find the link to some web-sites that we assume you need to visit[…]
Virgin Hair Wholesale
[…]usually posts some quite intriguing stuff like this. If you are new to this site[…]
دوربین مداربسته
Compose a lot more, thats all I have to say. Actually, it looks as though you relied on the movie to make your level. You naturally know what youre conversing about, why waste your intelligence on just posting videos to your site when you could be offe…
Indian Hair Wholesale
[…]very handful of web sites that transpire to be detailed beneath, from our point of view are undoubtedly properly really worth checking out[…]
anthem of female empowerment
[…]The information and facts talked about inside the article are some of the top available […]
psicologo adicciones
[…]very handful of web sites that come about to be detailed beneath, from our point of view are undoubtedly nicely worth checking out[…]
ผ้าญี่ปุ่นราคาถูก
????????????? ??????????????????? ????????????? ?????????????????????????????????????
دوربین مدار بسته وایرلس
The information described inside the report are some of the most successful obtainable.
دوربین دنده عقب
we arrived across a cool internet site that you just could perhaps delight in. Consider a seem in circumstance you want
Desert tan military boots
[…]that is the finish of this write-up. Here you will find some web sites that we consider you will enjoy, just click the links over[…]
دوربین مدار بسته آنالوگ
Does your website have a get in touch with website page? I’m getting a hard time finding it but, I’d like to shoot you an e-mail. I’ve received some innovative ideas for your weblog you may be intrigued in listening to. Either way, wonderful website an…
best bullet vibrator
[…]Sites of interest we have a link to[…]
Anal Bead Toy
[…]one of our visitors not too long ago suggested the following website[…]
bullet toy
[…]always a huge fan of linking to bloggers that I love but dont get quite a bit of link really like from[…]