Avoiding Stupidity

1. We shall never invest in any business or asset we don’t understand.
2. We shall never buy an asset or security just because it’s cheap.
3. We shall never compromise on Margin of Safety.
4. We shall never be influenced by the market’s valuation of our holdings.
5. We shall always have a well-thought-out estimate of the intrinsic value before we act.
6. We shall never depend primarily on external investment/market/economics research.
7. We shall never bet on macroeconomic or market movements as a primary driver of value.
8. We shall never buy or sell anything because of FOMO.
9. We shall never buy or sell anything because of YOLO.
10. We shall never assume a Normal Distribution, for anything; but always think probabilistically.
11. We shall never trade, always invest.
12. We shall never substitute prudence with over-activity.
13. We shall never compromise on Alignment of Incentives.
14. We shall always question the status quo.
15. We shall always seek to educate.
16. We shall always seek to reimagine Intelligent Investing.