Investing Thoughts and Wisdom (mostly from others) – Part 28

I have a file full of notes and excerpts from investors that I’ve collected over the years. I’ve been meaning to organize it for a while and so, via this newsletter, I’ll gradually do so (in several parts, some of which will be open to all, and many which will be for paid subscribers). [Previous posts: Part 1, Part 2, Part 3, Part 4, Part 5, Part 6, Part 7, Part 8, Part 9, Part 10, Part 11, Part 12, Part 13, Part 14, Part 15, Part 16, Part 17, Part 18, Part 19, Part 20, Part 21, Part 22, Part 23, Part 24, Part 25, Part 26, Part 27.]

I used to read through this file a lot, but it got to be pretty long, which led me to summarize the key parts of my own philosophy (as of the present time) in a blog post titled Final Decision Checklist.

Please note: Nothing here should be considered investment advice or the best way to invest. These are things I’ve saved as reminders and notes to myself that I’ve found helpful in the past, and think they are worth sharing in case any of you happen to get an insight from any of it.

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General Questions and Reminders:

• Remember that you are not buying a stock, you are buying a business.

• Is this investment dependent on timing?

  • Remember: The market can stay irrational longer than you can remain solvent. Seriously.

• Do I need to worry about this investment if the stock market closes for an extended period of time?

• “Benchmark all stock ideas against those already owned (rather than against an irrelevant universe (index) of those which you’d rather not own), while pondering all concentrations of risk in an unscientific but flexible fashion.” —Claire Barnes

• Is there some type of deep/deliberate practice you can to do further your understanding on the business or industry? [See below for more on deliberate practice.]