Jim Rogers, investor extraordinaire, gave a short interview to the FT. Some excerpts to remind us of the very basics:
(…) What is the secret of your success?
As I was not smarter than most people, I was willing to work harder than most. I was prepared to examine conventional wisdom. If everyone thinks one way, it is likely to be wrong. If you can figure out that it is wrong, you are likely to make a lot of money.
What is your basic investment strategy?
Buy low and sell high. I try to find something that is very cheap, where a positive change is taking place. Then I do enough homework to make sure I am right. It has got to be cheap so that, if I am wrong, I don’t lose much money. Every time I make a mistake, it is usually because I did not do enough homework.(…)
I’m not buying any stocks at the moment. If anything is undervalued now it is commodities and some currencies.
(…) Invest only in things you know something about. The mistake most people make is that they listen to hot tips, or act on something they read in magazines.
Most people know a lot about something, so they should just stick to what they know and buy an investment in that area. That is how you get rich.
You don’t get rich investing in things you know nothing about.
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- Jim Rogers Isn’t Buying a U.S. Stock Recovery
- BOB FARRELL’S 10 RULES FOR INVESTING
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