In my previous missive I concluded that investors should stay true to the principles that have always guided (and
Should always guide) sensible investment, but I left readers hanging as to what I believe those principles might
Actually be. So, now, for the moment of truth, I present a set of principles that together form what I call The Seven
Immutable Laws of Investing.
They are as follows:
1. Always insist on a margin of safety
2. This time is never different
3. Be patient and wait for the fat pitch
4. Be contrarian
5. Risk is the permanent loss of capital, never a number
6. Be leery of leverage
7. Never invest in something you don’t understand
