Bernard Baruch, Park Bench Statesman

By Carter Field | Go to book overview

CHAPTER TEN
HERE is the Baruch formula for making millions in the stock market. It seems very simple, if one will only follow the rules. Baruch freely admits that he often violated them and not only took some bad beatings, but, in the early days, went broke several times in consequence. But of course the thing to do is not to violate them. It is as easy as that.Following are the rules, not in Baruch's language, but boiled down from many conversations:
1. Don't speculate at all unless you give all your time to it and make it your life work. Amateurs always go broke. In all his experience Baruch knew precisely one amateur who succeeded in making money over a period of years.
2. Never play tips or what you believe to be inside information. Suppose you do get it "straight from the horse's mouth"? So what? The "insiders" are more apt to lose their shirts than the outsiders. They can't see the forest for the trees, so why should their information be any good?
3. Always keep a strong cash reserve, both to protect yourself and to be able to take advantage of opportunities--this in addition to buying all stocks outright. Under no circumstances trade on margins.
4. Never buy any stock unless you have studied and know everything possible about the company, about its officers and directors, about its bankers, about its competitors, about condi

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