{"id":29732,"date":"2021-12-07T23:53:16","date_gmt":"2021-12-07T23:53:16","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=29732"},"modified":"2025-06-06T07:21:15","modified_gmt":"2025-06-06T07:21:15","slug":"bob-farrell-10-rules-for-investing","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/07\/bob-farrell-10-rules-for-investing\/","title":{"rendered":"Bob Farrell | 10 rules for investing"},"content":{"rendered":"

\"Bob<\/p>\n

Bob Farrell wrote these 10 rules after spending more than 50 years on Wall Street, decades as head of research at Merrill Lynch. He is dead today but his rules are timeless:<\/p>\n

    \n
  1. Markets tend to return to the mean<\/strong> over time.<\/li>\n
  2. Excesses in one direction will lead to an excess in the other direction<\/strong><\/li>\n
  3. There are no new eras<\/strong> \u2014 excesses are never permanent<\/li>\n
  4. Exponential rapidly rising or falling markets usually go further than you think, but they do not correct by going sideways<\/strong><\/li>\n
  5. The public buys the most at the top and the least at the bottom<\/li>\n
  6. Fear and greed are stronger than long-term resolve<\/li>\n
  7. Markets are strongest when they are broad and weakest when they narrow<\/strong> to a handful of blue-chip names<\/li>\n
  8. Bear markets have three stages \u2014 sharp down, reflexive rebound and a drawn-out fundamental downtrend<\/li>\n
  9. When all the experts and forecasts agree \u2014 something else is going to happen<\/li>\n
  10. Bull markets are more fun than bear markets<\/li>\n<\/ol>\n

    Hat tip to Lance Roberts at Real Investment Advice<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Bob Farrell wrote these 10 rules after spending more than 50 years on Wall Street, decades as head of research at Merrill Lynch. He is dead today but his rules are timeless: Markets tend to return to the mean over time. Excesses in one direction will lead to an excess in the other direction There … <\/p>\n

    Continue reading “Bob Farrell | 10 rules for investing”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"quote","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24,57],"tags":[5322,5320,5321],"class_list":["post-29732","post","type-post","status-publish","format-quote","hentry","category-quotes","category-stock-markets","tag-10-rules","tag-bob-farrell","tag-rules-of-investing","post_format-post-format-quote"],"yoast_head":"\nBob Farrell | 10 rules for investing - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bob Farrell | 10 rules for investing - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Bob Farrell wrote these 10 rules after spending more than 50 years on Wall Street, decades as head of research at Merrill Lynch. 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He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-7Jy","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":34518,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/06\/18\/sp-500-volatility-reversion-to-the-mean\/","url_meta":{"origin":29732,"position":0},"title":"S&P 500 volatility & reversion to the mean","author":"Colin Twiggs","date":"June 18, 2022","format":false,"excerpt":"Jason Goepfert from Sundial Capital drew our attention to the record 90%-down day on the S&P 500: CBOE Volatility Index (VIX) reached 33 but that is nothing special compared to the past 15 years. There are plenty of allegations, however, that the VIX is being manipulated. Our own measure of\u2026","rel":"","context":"In "Stock Markets"","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"Jason Goepfert","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-06-17-goepfert.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-06-17-goepfert.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-06-17-goepfert.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":61894,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/06\/04\/everyone-should-fear-the-bond-market\/","url_meta":{"origin":29732,"position":1},"title":"Everyone should fear the bond market","author":"Colin Twiggs","date":"June 4, 2025","format":false,"excerpt":"Summary The bond market has \"cracked\" before There are no \"new eras\" Markets eventually revert to the mean There are no new saviors Gold is the best indicator of a bond market revolt Yesterday, we covered JPMorgan CEO Jamie Dimon's warning that we will see \"a crack in the bond\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"10-Year US Treasury Yields","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-06-03-10y-nixondefault.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-06-03-10y-nixondefault.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-06-03-10y-nixondefault.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":44571,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/10\/09\/usts-reversion-to-the-mean\/","url_meta":{"origin":29732,"position":2},"title":"UST reversion to the mean","author":"Colin Twiggs","date":"October 9, 2023","format":false,"excerpt":"Ten-year Treasury yields have climbed to 4.80% as interest rates normalize after more than a decade of cheap debt. Long-term interest rates were suppressed after the 2008 global financial crisis in order to stimulate demand. This was effectively a tax on savers -- including insurance companies and pension funds --\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"10-Year Treasury Yield","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-09-10y.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-09-10y.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-09-10y.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":37745,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/09\/25\/sp-500-how-low-can-it-go\/","url_meta":{"origin":29732,"position":3},"title":"S&P 500: How low can it go?","author":"Colin Twiggs","date":"September 25, 2022","format":false,"excerpt":"The S&P 500 has been warning of a bear market since the start of the year, when 21-day Volatility formed a trough above 1.0%. We are now in the thick of a bear market, with the S&P 500 testing support at 3650. Breach of support is likely -- as the\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-09-25-spx-vty.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-09-25-spx-vty.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-09-25-spx-vty.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":29740,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/08\/doug-kass-50-laws-for-investing\/","url_meta":{"origin":29732,"position":4},"title":"Doug Kass | 50 laws of investing","author":"Colin Twiggs","date":"December 8, 2021","format":false,"excerpt":"Doug Kass wrote these 50 laws, incorporating many of Bob Farrell's 10 rules, in an article in Barron's. Doug is founder and president of Seabreeze Partners, with more than 45 years experience in financial markets. Common sense is not so common. Greed often overcomes common sense. Greed kills. Fear and\u2026","rel":"","context":"In "Stock Markets"","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13133,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/14\/7-golden-rules-for-smsf-investors\/","url_meta":{"origin":29732,"position":5},"title":"7 golden rules for SMSF investors","author":"ColinTwiggs","date":"April 14, 2016","format":false,"excerpt":"I found myself nodding in agreement when I read this list from Dr Shane Oliver, Head of Investment Strategy and Economics and Chief Economist at AMP Capital. I have added my comments in italics. Investing during times of market stress and volatility can be difficult. For this reason it\u2019s useful\u2026","rel":"","context":"In "Earnings & Dividends"","block_context":{"text":"Earnings & Dividends","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investing\/earnings-dividends\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/04\/golden-rules-596x328.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/04\/golden-rules-596x328.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/04\/golden-rules-596x328.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/29732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=29732"}],"version-history":[{"count":5,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/29732\/revisions"}],"predecessor-version":[{"id":61921,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/29732\/revisions\/61921"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=29732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=29732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=29732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}