8 Tips to Investing Successfully

1. Risk: measure it, avoid it if possible, have a margin of safety, and limit downside.

2. Independence: don't follow the herd, the herd will only do average. 
3. Preparation: learning, building mental models, andcontinual improvement.
4. Humility: acknowledge what you don't know, don't be overconfident, stay within your circle of competence, and watch for errors. 
5. Analytic rigor: calculate value before looking at price, and be a business analyst and not a securities analyst. 
6. Allocation: consider opportunity costs.
7. Patience: Wait for the right opportunities.
8. Decisiveness: great ideas are rare, so bet big when they come along and when you have confidence in them.