Do your own research. Conduct your own experiments.

Investing Mantra

  • Always, always, always check yourself.

    • Checking for yourself is the true essence of science.

    • And you are not a scientist if you don’t check yourself.

  • Put faith in your own research, your own analysis — not anyone else’s.

    • Nobody is going to be as careful as you.

Do the field research.

  • Field research tells you, intuitively, what analytical research cannot.

    • It is one of the most underrated sources of investment edge.

  • Go out and live the business.

    • You have to test the product, visit the factory, talk to employees, talk customers, test the customer service, etc.

    • Research is not just reading or building spreadsheets.


“Value investors are journalists at heart who feel compelled to gather their own facts and do their own analysis.”

— Jeff Gramm

“There is the surface business, but then there is what’s really going on. Really trying to understand what they’re doing, why they’re doing it, how they’re doing it: that’s often the puzzle. My favourite thing is to lie down and just really try to think about these things pretty deeply.”

— Carson Block (on short-selling)

“When I came to blackjack, I didn't really know the history of the proofs that showed there weren’t any winning gambling systems. I knew that people had established that, but I didn't know the details, so they didn't seem important to me. I just did my own thinking. Had I been trained in mathematics properly in that area, I probably never would have even considered trying to beat blackjack, because I would have assumed that blackjack is just another game that’s been proven to be unbeatable.”

— Ed Thorpe

“Can you really explain to a fish what it's like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value.”

— Warren Buffett

Thanks for reading. Tell your friends.