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The Rules of Wealth, 3rd Edition by Richard Templar

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RULE 56

Only buy shares (or anything) you can understand

Another Rule to engrave on your heart. Buying shares – or anything else to sell on in order to make money – is just another form of gambling. When I worked as a casino manager, it was well recognised that there was a hierarchy of casinos. At the bottom were the ones with the slot machines and noisy brash atmosphere. At the top were the gentlemen’s clubs where it was all smoked glass and diffused lighting. Gamblers of course recognised the hierarchy and felt that the latter were somehow ‘cleaner’. Similarly most people view the stock market as in some way more refined, sophisticated – and thus free of risk or odds or danger. But it is all gambling. Nothing is certain.

CUT THE ODDS DOWN ...

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