It is only human to look for reliable rules and simple formulae to resolve an intellectual challenge. The investor's search for easy answers is manifested in a range of proverbs, sayings and mantras that have been given authority by the mere force of repetition. Together, these sayings are the nearest thing to a body of education that many investors ever receive. And they are all the more dangerous for that.
The sayings are seldom correct. Many of them are either completely misguided, or plain wrong, or right only in certain circumstances. Treat them with too much reverence, and you could be heading for a fall. Recognise them for what they are - simplistic part truths - and you stand a chance of emerging unscathed.
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