Never hold fewer than 10 different securities covering five different fields of business;

At least once every six months, reappraise every security held;

Keep at least half the total fund in income producing securities;

Consider (dividend) yield the least important factor in analyzing any stock;

Be quick to take losses and reluctant to take profits;

Never invest into securities about which detailed information is not readily available;

Avoid inside information as you would the plague;

Seek facts diligently, advice never;

Ignore mechanical formulas for value in securities;

When stocks are high, money rates rising and business prosperous, at least half of the portfolio should be placed in short-term bonds;

Borrow money sparingly and only when stocks are low, money rates low and falling and business depressed;

Set aside a proportion of funds for the purchase of options in promising companies.