A Collectible’s value is primarily based on the emotions and the perception of potential buyers.

If you have invested an equal amount in Apple and 1,000 other companies at their inception and all other companies go bankrupt, you are still in profit. This is the power of unlimited gain possibilities and limited loss.

It is a misconception that diversification will magically reduce the losses. It cannot be far from the truth. Diversification does not reduce losses but provides a weighted average return of your portfolio.

No amount of diversification can replace investment research. If you want to invest, you have to learn.

Annual performance means nothing to individual investors.

The correct period to judge performance is from a market peak to another peak or at least to the next all-time high.

Professional money managers are worried about their annual results and may take irrational decisions to protect their performance record. Individual investors havenobody to report, and yearly performance does not mean anything to them.

The advantage of the information-bias in favor of professional money-managers and large investors is almost irrelevant for a long-term investor.

Recessions are there to take your investment game to the next level. A recession should help you reach your targets sooner.