patrick.net

"Being broke is a very efficient educational agency."

Edwin Lefevre.

There's a bunch attributed to him in the link below (I'm not even sure he was a real person). I wished I had picked 'boy plunger' for my screen name but that has a totally different meaning today then it did back when I first joined Patnet.

https://www.azquotes.com/author/49486-Edwin_Lefevre

"It is almost always better to be too early than too late, but you must be prepared for price markdowns on what you buy.” Sometimes buying early on the way down looks like being wrong, but it isn't. There's no such thing as a value company. Price is all that matters." - Seth Klarman

"Outperforming the majority of investors requires doing what they are not doing."- John Templeton

With the exception of a few winners I bought, e.g. AAPL, I'm a duck who has invested in the rising pond for decades.
It's worked well enough so far.
Charlie Munger is a famous BABA long; this hasn't worked out well. I bought a few grand worth at the "advice" of a girl from Shanghai I dated.
She's gone and so is my BABA money, but I'm going to ride it down to Davy Jones' Locker probably.

@clambo,

I started an investment account for my daughter. I told her for every dollar she contributes to it, I’ll match $1. I told her to buy companies that she likes or uses their products regularly. In addition, I put a few thousand dollar in her account every time I closed a flip. She owns AAPL, AMZN, GOOG, TSLA, LULU and PINS.

She created this notebook at the age of 10 to keep track of her investments. She just started her online business at the age of 13.

If she wants to expand her portfolio look around and see what everyone uses.
(Except: airlines and car companies)
(Fashion is tricky since the customer is fickle.)

Farmers use Deere equipment.
Construction of roads use Caterpillar.
Various use Corning glass and optical fiber.

However, I think it's best to buy a mutual fund and feed it money.

"Investment skills should have hugely diversified portfolios is madness. It’s a very conventional madness & it’s taught in all the business schools. But they’re wrong" --- Charlie Munger

"The way to win is to work, work, work, work and hope to have a few insights. You're probably not going to be smart enough to find thousands in a lifetime—when you get a few, you really load up. It's just that simple." — Charlie Munger

"Win" is not an investment objective.
Working excessively and reading excessively aren't necessary.

Buy a mutual fund with the investment objective you desire and feed it money.

Neither Munger nor Buffett invented the compound interest effect, which will make you a lot of money over time.

I think they are nuts; who wants to wear a suit and tie when he's old and rich?

“Annual income twenty pounds, annual expenditure nineteen nineteen and six , result happiness.
Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery”
― Charles Dickens, David Copperfield

"Don’t buy 'cheap' stocks just because they’re cheap. Buy them because the fundamentals are improving." — Peter Lynch

"When I was a boy, there was a popular saying: Don’t just sit there; do something. But for investing, I’d invert it: Don’t just do something; sit there. Develop the mindset that you don’t make money on what you buy and sell; you make money on what you hold." — Howard Marks