Rules-Principles

This determines our returns the most. Always make a rule to buy cheap and buy reasonable. No matter what happens, do not pay a premium unless the business has multiple tailwinds and significant growth ahead. Never pay a dime extra—nowhere else do you have this power. Create your own rules and principles, and follow them consistently for the majority of your portfolio. Live by your rules and regulations. Money-making is easy, but not simple. First, make money slowly and steadily, and work a little harder. Finally, don’t fall for popular narratives; stick to what you know.