02.0010 Book of Investing Rules

Book of Investing Rules

2017 Christopher Parker

Harriman House

Chapter	Value Investing
Editor’s Note	THIS IS AN argumentative book
Foreword by Jonathan Davis	There are many styles of investing, and many different asset classes in which to invest, so you will need to pick and choose which of the authorities assembled here best matches your own temperament and interests.
Frank Armstrong	Investing from the Cockpits 1. Plan Ahead. 2. Find the High-Probability Shot. 3. You need commitment. 4. Expect Turbulence. 5. Undertake Continuous Maintenance. – Rebalancing to keep the original risk profile. – Addition of new desirable asset classes. – Substitution of cheaper funds. – Dividend avoidance. – Tax-loss harvesting. – Conversion of short-term gains to long-term gains. 6. Have a Good Trip.
Glen Arnold	Investing Tenets of the Private Investor Who Trained the Professionals 1. Understand Before You Buy. 2. Small Investor Can Overperform The Professionals. 3. The Market Is There To Serve You, Not To Guide You. 4. Remember The Difference Between Investing And Speculation. 5. Do Not Pay High Fees. 6. Diversify, But Not To Mediocrity. 7. Study Stock Market Mispricing. 8. Read The Philosophies Of The Great Investors. 9. Keep Your Emotions In Check. 10. Enjoy The Journey.
Martin Bamford	Britain’s Bestselling Financial Planner on Dealing with Risk and Reward 1. Find your comfort level. 2. Make sure you can still afford to feed the cats. 3. Link our portfolio to goals.
John Baron	Insights of an Investment Trust Expert 1. Determine your goals. 2. Time in the market is better than market timing. 3. Do not spend your dividends unless you have it. 4. Diversify to reduce portfolio risk. 5. Rebalance – but not too frequently. 6. Be prepared to be a contrarian 7. Seize the advantage. 8. Keep it simple. 9. Be skeptical of ‘Expert’ forecasts. 10. Harness Einstein’s eight wonder 11. Harness the potential of investment trusts. Website Portfolio: johnbaronportfolios.co.uk
Andy Bell	How to Be a Successful DIY Investor
Alistair Blair	11 Quick Tips for time-Limited Private Investors 1. The longer you hold it, the better you know it. 2. Be clear on selling. 3. A Portfolio of 15-25 shares is enough. 4. Don’t let single holdings exceed 15% of your portfolio. 5. Don’t time markets – Just hold good companies for decades. 6. Don’t Panic, re-evaluate. 7. Forget Falling Shares. 8. Say No to IPOs 9. Beware bad Balance Sheet. 10. Management matters 11. Don’t rush to buy.
Michael van Biema	Concentrate Value Investing in 6 Simple Steps 1. What matters most is the price paid for the value received. 2. Make time your friend. 3. You need a concentrated portfolio if you don’t want index-like returns. 4. There are lots of pretty good investment ideas and relatively few great ones. 5. Timing is somewhere between very hard and impossible. 6. Ask yourself 3 questions for every share. – What do I think it is worth? – Why doesn’t the rest of the world understand what it is worth? – What is going to make it become what it is worth?
John C. Bogle	Investing Insights of the $4 Trillion Man 1. There’s no escaping risk. 2. Buy right and hold tight. 3. Time is your friend, impulse your enemy. 4. Realistic expectations: The bagel and the doughnut. 5. Why look for the needle in the haystack? Buy the haystack! 6. Minimize the croupiers’ take 7. Beware of fighting the last war. 8. Sir Isaac newton’s revenge on Wall Street – Reversion to the mean. 9. The hedgehog bests the fox. 10. Stay the course: The secret of investing is that there is no secret.
Anthony Bolton	Long-Term Lessons from a Legendary Run 1. Understand the business franchise and its quality. 2. Understand the key variables that drive the business. 3. Favor simple over complex businesses. 4. Hear Directly from the management. 5. Avoid ‘Dodgy’ managements at all costs. 6. Try and think 2 moves ahead of the crowd. 7. Understand the balance sheet risk. 8. Seek ideas from a wide range of sources. 9. Watch closely the dealing by company insiders. 10. Re-examine your investment thesis at regular intervals. 11. Forget the price you paid for shares. 12. Past performance attribution is generally a waste of time. 13. Pay attention to absolute valuations. 14. Use technical analysis as an extra indicator. 15. Avoid market timing and major macro bets. 16. Be a contrarian.
Jeroen Bos	How To Go Deep Value Diving For Bargain Shares 1. Cheapness is not enough. 2. Read Benjamin Graham. 3. Working capital is King 4. Look for new 52-weeks lows, downward charts and then study the balance sheet. 5.
Jonathan Boyar	Patience Makes Perfect 1. Be patient. 2. Make sure you have the right clients.
Ashton Bradbury	–
Kathleen Brooks	–
Mike Brooks	–
David Buik	–
Robbie Burns	–
Richard Buxton	–
Tobias Carlisle	Zig When the Investing Crowd Zag 1. Zig when the crowd zags. 2. Buy undervalued companies. 3. Seek a margin of safety. 4. Treat a share as an ownership interest, not a mere ticker symbol. 5. Be wary of high earnings growth and profits. 6. Use simple, concrete rules to avoid making errors. 7. Concentrate, but not too much. 8. Aim to maximize after-tax gains over the long term. 9. Hedge when the market’s expensive and falling.
Robert Carver	How To Invest Systematically 1. Unless you are a genius use a system. 2. The future is unpredictable. 3. …but some thins are less unpredictable than others. 4. Diversify, diversify, diversify 5. There is no right asset allocation…but there are some wrong ones. 6. Don’t buy individual stocks until it makes sense. 7. Avoid expensive funds 8. Carefully rebalance your portfolio. 9. Stick to your guns – try not to be embarrassed. 10. Be skeptical.
Jonathan Clements	–
Michael Covel	–
Andrew Craig	–
Sandy Cross	–
Lawrence A. Cunningham	Warren Buffett’s Investing Rules 1. Don’t be patsy. 2. Operates as a business analysist. 3. Look for a big moat. 4. Exploit Mr. Market. 5. Insist on Safety of Margin. 6. Buy at a reasonable price. 7. Know your limits. 8. Invest with ‘sons-in-law’. 9. Only a few will meet these standards. 10. Avoid gin rummy behavior.
Job Curtis	–
Mark Dampier	–
Elroy Dimson, Paul March & Mike Staunton	–
Stephen Eckett	–
Alexander Elder	–
Scott Fearon

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