1. The trend is your friend
2. Don't confuse brains with a bull market
3. 50% of the movement in a stock is due to the overall market, 30% to the industry group, and 20% of the fundamentals of the company.
4. 80% of the research budget of a Wall Street brokerage firm is devoted to fundamental analysis.
5. Sellside analysts make more money than buyside analysts.
6. The problem in trendfollowing is determining when trends start and when they end.
7. The market can stay irrational far longer than you can stay solvent.
8. The more available information is, the less useful it is.
9. Figures lie and liars figure.
10. When you sit down to a poker game, look around the table to find the pigeons. If you can't find any, you're the pigeon.
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