Lessons from Sydney
I've been in Sydney catching up with some investors. Here are a few jewels of sapience they gave me.
- Investing is probabilistic which is why you need a margin of safety when buying. Why not do the same when selling?
- Good companies don't need to worry about managing the share price. Be wary of market promotion.
- Company culture is not easy to discern but is a source of competitive edge. Be a customer and watch management behaviour closely.
- Be pernickety with the accounts to minimise the chance of investing in a fraud.