Warren Buffett gave a 1-hour class on how not to lose money when investing. 💸 💰
Here's a summary of everything you need to know:
- Rule number 1 is don't lose money, rule number 2 is never forget rule number 1.
- Never risk what you have and need for what you don't have and don't need.
- You only need to get rich once.
- Never borrow money to invest.
- 16 Wall Street geniuses went bankrupt using leverage: intelligence doesn't prevent stupidity.
- Only invest in businesses you can understand.
- Look for businesses with a "moat" that competitors can't cross.
- You should be able to see where that business will be in 10 years.
- Time is the friend of a wonderful business and the enemy of an average one.
- If you wouldn't be happy holding that stock for 5 years without selling, don't buy it.
- Don't buy stocks by looking at the price the next day; you're buying a business.
- Integrity is more important than intelligence or energy.
- Take jobs you love, not ones that just look good on your resume.
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