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.


  1. Some great thoughts mate. A margin of safety when buying is a given, for those who have great analysis skills (I'm still developing on that front); however, I have not considered this when selling. I'd love you to go deeper on these brief dot points.



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