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.
[…]Wonderful story, reckoned we could combine a few unrelated data, nevertheless really really worth taking a search, whoa did one learn about Mid East has got a lot more problerms at the same time […]
[…]although web-sites we backlink to below are considerably not associated to ours, we really feel they are in fact really worth a go through, so possess a look[…]
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.
Heat exchanger coils manufacturer
[…]check beneath, are some entirely unrelated websites to ours, having said that, they may be most trustworthy sources that we use[…]
Download Official Mixtapes Free
[…]Wonderful story, reckoned we could combine a few unrelated data, nevertheless really really worth taking a search, whoa did one learn about Mid East has got a lot more problerms at the same time […]
Out Of Town 66
[…]below you will locate the link to some websites that we feel it is best to visit[…]
Download Free TY Boogie Mixtapes
[…]always a huge fan of linking to bloggers that I appreciate but really don’t get a whole lot of link appreciate from[…]
Kentland
[…]The data talked about in the article are a few of the very best readily available […]
adobe serial keys
[…]Here are a few of the web pages we recommend for our visitors[…]
selling store
[…]the time to read or go to the content material or internet sites we’ve linked to beneath the[…]
Safest forex brokers
[…]although web-sites we backlink to below are considerably not associated to ours, we really feel they are in fact really worth a go through, so possess a look[…]
Florida
[…]check beneath, are some absolutely unrelated sites to ours, having said that, they’re most trustworthy sources that we use[…]
php online store
[…]very handful of sites that come about to become detailed below, from our point of view are undoubtedly properly worth checking out[…]
10 oz martial arts uniform
[…]usually posts some extremely interesting stuff like this. If you are new to this site[…]
adam and eve sex toys shop
[…]check beneath, are some absolutely unrelated sites to ours, nevertheless, they are most trustworthy sources that we use[…]
best personal lubricants
[…]below you will discover the link to some web-sites that we feel you ought to visit[…]
bookkeeping
[…]Every as soon as inside a whilst we select blogs that we read. Listed beneath would be the latest web sites that we decide on […]
Butt plugs
[…]we came across a cool web site that you simply may possibly delight in. Take a search in the event you want[…]