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Buy and Hedge: The 5 Iron Rules for Investing Over the Long Term by Wayne Ferbert, Jay Pestrichelli

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10. Hedge Every Investment

“Welcome to Fight Club. The first rule of Fight Club is: You do not talk about Fight Club. The second rule of Fight Club is: You DO NOT talk about Fight Club! Third rule of Fight Club: Someone yells “Stop!”, goes limp, taps out, the fight is over. Fourth rule: Only two guys to a fight. Fifth rule: One fight at a time, fellas. Sixth rule: No shirts, no shoes. Seventh rule: Fights will go on as long as they have to. And the eighth and final rule: If this is your first time at Fight Club, you have to fight.”

—Tyler Durden (played by Brad Pitt) in Fight Club (1999)

The good news: We only have five rules! The bad news: Our rules are going take longer to explain.

The first Iron Rule of Buy and Hedge is to hedge every investment. ...

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