Golden Rules of Investment

  1. Read widely; learn from the masters
  2. Invest for the long term
  3. Take advantage of tax efficiency
  4. Understand the power of compound growth
  5. Don't try to time the market
  6. Learn the basics of investing psychology (a.k.a. behavioural finance)
  7. Beware the cost of transaction fees and fund management costs
  8. Never borrow money to invest
  9. Reversion to the mean always happens (in other words, "this time is NOT different")