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.
[…]although internet sites we backlink to below are considerably not connected to ours, we really feel they are in fact really worth a go by, so possess a look[…]
[…]we like to honor lots of other world-wide-web sites around the web, even when they arent linked to us, by linking to them. Below are some webpages really worth checking out[…]
[…]Wonderful story, reckoned we could combine some unrelated data, nevertheless truly really worth taking a look, whoa did one particular discover about Mid East has got much more problerms as well […]
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.
sex movie
[…]usually posts some pretty exciting stuff like this. If youre new to this site[…]
make money working from home
[…]The details talked about within the article are a number of the most beneficial accessible […]
Hardscape Contractor in Point Pleasant Beach NJ
[…]The information and facts mentioned within the article are several of the best accessible […]
anal toys
[…]Sites of interest we have a link to[…]
best strapon harness
[…]although internet sites we backlink to below are considerably not connected to ours, we really feel they are in fact really worth a go by, so possess a look[…]
dual penetration toys
[…]we like to honor lots of other world-wide-web sites around the web, even when they arent linked to us, by linking to them. Below are some webpages really worth checking out[…]
mumbai police
[…]The facts talked about in the post are several of the ideal obtainable […]
life like dildo
[…]Here are some of the web sites we suggest for our visitors[…]
anal plugs
[…]always a large fan of linking to bloggers that I love but do not get a great deal of link adore from[…]
best kona coffee
[…]usually posts some quite fascinating stuff like this. If youre new to this site[…]
best kona coffee
[…]Wonderful story, reckoned we could combine some unrelated data, nevertheless truly really worth taking a look, whoa did one particular discover about Mid East has got much more problerms as well […]
massage wand vibrator
[…]that would be the finish of this post. Right here youll discover some websites that we believe youll enjoy, just click the hyperlinks over[…]
water based lubricant
[…]Here are some of the websites we recommend for our visitors[…]
Orlando SEO company
[…]Here is an excellent Weblog You might Locate Interesting that we Encourage You[…]
prostate milking vibrator
[…]always a large fan of linking to bloggers that I like but dont get a good deal of link enjoy from[…]