I never lost money by turning a profit.
Nobody ever lost money taking a profit.
There is a time to make money and a time to not lose money.
Sometimes your best investments are the ones you don't make.
Success means making profits and avoiding losses.
If you had asked people in 1929, 'Here is what is about to happen. How much would you pay to avoid the Great Depression from occurring?' The answer is they would have paid a lot. They would have borrowed money if it could be used to prevent the Great Depression.
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
A wise person does not undertake any business with the risk of losing the capital money in search of making a profit.
The key, of course, is to stay away from the losing years.
We try not to have many investing 'rules,' but there is one that has served us well: If we decide we were wrong about something, in terms of why we did it, we exit, period.
One of the most helpful things that any body can learn is to give up trying to catch the last eighth - or the first. These two are the most expensive eighths in the world.
(Waste = Loss): The first rule of business is to survive and the guiding principle of business economics is not the maximisation of profit, it is the avoidance of loss
