For Marti Whitman buying stocks is all about "safe and cheap". The simplest of investment approach over the long term works like a charm just like it is for Warren Buffett whose mantra is "buy and hold".
There is no investor that is immune from making mistakes. The greatest of them all make mistakes from time to time. It's surely ain't no feather in a cap, but then again it all depends on how the mistake is viewed by the investor.
Some years ago, the CFA Institute cited the top ten mistakes investors made were;
No strategy
Too little diversity
Buying too high
Churning (frequent portfolio turnover)
Acting on tips
Paying too much
Making decisions based on taxes
Unrealistic expectations
Portfolio neglect
Not knowing your real tolerance
Focus InSight: Avoid these mistakes and with time your investment return will be great.
Forbes 400 Richest list is a good place to start looking if you wanna be rich. To be rich requires a sacrifice of some kind or another. Most pursuit to be rich will hinge on one or all of these sacrifices beit time, money, family or relationship.
No matter how you intend to be rich, you will need:
Time, anywhere from 15 to 20 years
Money, at least a little to start
Family, someone to go home to after a day's grind and
Relationship, with a person, a group, a community, an industry or an idea.
Warren Buffett's ideas were;
"buy and hold",
"don't lose money",
"don't pay a dividend"
compound the return on the investible dollar
find the economic moat in the business
be patient
limit the mistakes you make
copy cat good practice
avoid the union base business and
only trust yourself
Focus InSight: Study the habits of the rich and copy the good practice that made them successful.
