Read? Irving Kahn
Simple Rules of Intelligent Investing
- Don't depend on recent or current figures to forecast future prices; remember that many others knew them before you did.
- Prices are continuously molded by fears, hopes and unreliable estimates; capital is always at risk unless you buy better than average values.
- Remember that many complex factors - such as accounting choices and the human problems with management and larger shareholders - lie behind reported earnings.
- Disregard the competition at your peril - they are always attacking your company's trade position and its earning.
- Don't trust quarterly earnings. Verify reports through source and application statement. Figure can lie and liars can figure.
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