Some principles

筆者無意中瀏覽了一個基金的網址，發現有19 principles，筆者甚感同意，尤其是# 6、10、11、14、16、19。巿場上的確是噪音太多，胡混太多。以下的principles，值得大家參考。

1. Be a Long Term Investor
Too much emphasis is placed on short-term fluctuations. It is easier to anticipate long-term trends.

2. Have a Flexible Approach
Change is the only certainty and as markets change, one should change as well.

3. Actively Look for Ideas
I find many of my best ideas; they don't find me.

4. Be Skeptical
Check facts directly. Strive to understand the bias and potential conflicts of interest among the sources that provide them.

5. I Eat my Own Cooking
My only stock market investment is the Resolute Performance Fund. This aligns my interests with the rest of the unitholders.

6. I Buy my Best Ideas
I prefer to buy only my best ideas.

7. Filter out the Noise
One of the greatest challenges is to filter out the noise and use only what is relevant.

8. Be Thrifty
Moderate costs facilitate moderate fees. Moderate fees facilitate performance.

9. Outperform by Being Different
To have a chance of outperforming the market, invest differently than the market.

10. Know Your Limits
It is just as important for me to know what I don't know as it is to know what I know.

11. Stay Humble
Stay humble or the market will make you humble.

12. Being Small is an Advantage
It is easier to outperform being small.

13. Apply Spiritual Principles
An important measure of one's success is how much he benefited his fellow man.

14. Investing is Not a Team Sport
The best decisions are rarely made by committee.

15. A Good Card Player Does Not Show His Hand
Confidentiality is essential for successful small cap investing.

16. Too Much Emphasis is Placed on Precision
I don't need exact numbers to make decisions.

17. You Don't Have to Win by being Original
You win by being right.

18. Be a Contrarian
Being a contrarian is harder in practice than in theory.

19. Strive for Effective Rationality
Do the homework; know the facts; and make decisions based on the facts.

Source: http://www.resolutefunds.com/philosophy.html