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Most of this has always seemed, as generalizations, fatuous beyond words. I have never got it, really, over decades. Don't lose money x 2. Seriously? That would mean don't invest, and everyone who loves to pontificate it does not really believe it or practice it. Buy the haystack? But I'm shopping for the needles. Expenses? I'll gladly pay for something that outperforms. Don't invest in things you don't understand? Seriously? I would not invest in 3/4 of what I hold if I followed that one. Cut losses and let profits run? Experience has often taught me otherwise. Make sure I get paid for risk? Uh, okay.
"..... To put my best advice into practice you have to quantify expected risks as well as expected returns..." It just makes sense to get specific. You might have a hunch, but explore it, plumb it, drill-down and investigate your hunch, before you commit to it. Don't buy a pig in a poke." This is useful to beginners. We were all beginners at this thing called "investing," at some point. (I actually recall being asked, once: "Do you want that in a poke?" Yes, the word still does get used. )
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