Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.
Price is what you pay. Value is what you get.
The key is not to find good assets, but to find good assets at prices below their intrinsic value.
The best investment analysis is the one where you do the work nobody else bothers to do. Read the footnotes. Call the competitors. Model the assumptions yourself.
Markets can stay irrational longer than you can stay solvent. But eventually, earnings drive stock prices. Always.
The best companies to own are the ones building durable advantages. Not the ones with the hottest story this quarter.
If you can't explain what a company does, how it makes money, and why it will keep growing in three sentences, you shouldn't own it.
Investing without reading financial statements is like driving with your eyes closed. You might get lucky, but you probably won't.
Don't trust narratives. Trust financial statements. The numbers don't lie — people do.
If you can't read a balance sheet, you're not investing. You're guessing.
A stock is not a ticker symbol. It's a fractional ownership of a real business. Act accordingly.