UPDATED RULES OF “THE GAME”

1. Time horizon is one year, not one day
2. Sangfroid wins.  Equanimity is more important than anything else
3. Make your own decisions; listen to yourself
4. When you sell a long, consider a 180 and shorting it (and vice versa)
5. Don’t buy a stock right ahead of an earnings call
6. Your performance is better when you don’t listen to underperformers.
7. Listen to analysts only for potential stock ideas- and do my own work
8. Don’t agree and don’t argue (when you differ in opinion)
9. Be humbly confident when things go your way.  Say “I got lucky this time”
10. Ego has no place here.  Trade to make money, forget pride.
11. Act without full information, while doing efficient work
12. It’s OK to make mistakes.
13. Correct mistakes early- sell on missed earnings/changed thesis, and buy back something you’ve sold if things change.
14. Learn every day- build a new sheet - read filings- listen to calls
15. Don’t worry too much about what the crowd thinks
16. Don’t waste too much time on big Macro
17. “Sometimes you have to let the other guy make some money too”
18. Worrying is not doing
19. Don’t be a second-guesser or let them hover around you
20.  Sometimes you have to suffer first before you win.
21.  Just because the majority agrees on something doesn’t mean they’re right.
22.  Focus on The Game