Some of the best advice is timeless. Here’re some nuggets of wisdom from the late Harry Browne.
- Your career provides your wealth
- Don’t assume you can replace your wealth
- Recognise the difference between investing and speculating & speculate only with money you can afford to lose
- No one can predict the future
- No one can move you in and and of investments consistently with precise and profitable timing
- No trading system will work as well in the future as it did in the past
- Don’t use leverage
- Don’t let anyone make your decisions
- Don’t ever do anything you don’t understand
- Don’t depend on any one investment, institution or person for your safety
- Create a bulletproof portfolio for protection
- Keep some assets outside the country in which you live
- Beware of tax-avoidance schemes
- When in doubt, err on the side of safety
These topics are covered in the timeless classic – Fail-safe Investing, probably the best $10 you’ll spend on personal finance and investing!