{"id":29740,"date":"2021-12-08T00:21:38","date_gmt":"2021-12-08T00:21:38","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=29740"},"modified":"2022-07-26T04:45:20","modified_gmt":"2022-07-26T04:45:20","slug":"doug-kass-50-laws-for-investing","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/08\/doug-kass-50-laws-for-investing\/","title":{"rendered":"Doug Kass | 50 laws of investing"},"content":{"rendered":"

Doug Kass wrote these 50 laws, incorporating many of Bob Farrell’s 10 rules<\/a>, in an article in Barron’s<\/a>. Doug is founder and president of Seabreeze Partners, with more than 45 years experience in financial markets.<\/p>\n

    \n
  1. Common sense is not so common.<\/em><\/li>\n
  2. Greed often overcomes common sense.<\/em><\/li>\n
  3. Greed kills.<\/em><\/li>\n
  4. Fear and greed are stronger than long-term resolve.<\/em><\/li>\n
  5. There is no vaccine for being over-leveraged.<\/em><\/li>\n
  6. When you combine ignorance and leverage \u2013 you usually get some pretty scary results.<\/em><\/li>\n
  7. Operate only in your area of competence.<\/em><\/li>\n
  8. There is always more than one cockroach.<\/em><\/li>\n
  9. Stocks have a gravitational pull higher \u2013 over long periods of time equities will rise in value.<\/em><\/li>\n
  10. Long investing generates wealth.<\/em><\/li>\n
  11. Short selling protects wealth.<\/em><\/li>\n
  12. Be patient and learn how to sit on your hands.<\/em><\/li>\n
  13. Try to get a little smarter every day and read as much as humanly possible \u2013 an investment in knowledge pays the best dividends.<\/em><\/li>\n
  14. Investors sometimes think too little and calculate too much.<\/em><\/li>\n
  15. \u00a0Read and re-read Security Analysis (1934) by Graham and Dodd \u2013 it is the most important book on investing ever published.<\/em><\/li>\n
  16. History is a great teacher.<\/em><\/li>\n
  17. History rhymes.<\/em><\/li>\n
  18. What we have learned from history is that we haven\u2019t learned from history.<\/em><\/li>\n
  19. Investment wisdom is always 20\/20 when viewed in the rearview mirror.<\/em><\/li>\n
  20. Avoid \u201cfirst-level thinking\u201d and embrace \u201csecond-level thinking.\u201d<\/em><\/li>\n
  21. Think for yourself \u2013 those who can make you believe absurdities can make you commit atrocities.<\/em><\/li>\n
  22. In investing, that what is comfortable \u2013 especially at the beginning \u2013 is most often not exceedingly profitable at the end.<\/em><\/li>\n
  23. Avoid the odor of \u201cgroup stink\u201d \u2013\u00a0mimicking the herd and the crowd\u2019s folly invite mediocrity.<\/em><\/li>\n
  24. The more often a stupidity is repeated, the more it gets the appearance of wisdom.<\/em><\/li>\n
  25. Always have more questions than answers.<\/em><\/li>\n
  26. To be a successful investor you must have accounting\/finance knowledge, you must work hard and you have to be keenly competitive.<\/em><\/li>\n
  27. The stock market is filled with individuals who know the price of everything but the value of nothing.<\/em><\/li>\n
  28. Directional call buying, when consumed as a steady appetite, is a \u201cmug\u2019s game\u201d\u00a0and is often a path to the poorhouse.<\/em><\/li>\n
  29. Never buy the stock of a company whose CEO wears more jewelry than your mother, wife, girlfriend or sister.<\/em><\/li>\n
  30. Avoid \u201cthe noise.\u201d<\/em><\/li>\n
  31. Reversion to the mean is a strong market influence.<\/em><\/li>\n
  32. On markets and individual equities\u2026 when you reach \u201cstation success,\u201d\u00a0get off!<\/em><\/li>\n
  33. Low stock prices are the ally of the rational buyer \u2013 high stock prices are the enemy of the rational buyer.<\/em><\/li>\n
  34. Being right or wrong is not as important as how much you make when you are right and how much you lose when you are wrong.<\/em><\/li>\n
  35. Too much of a good thing can be wonderful \u2013 look for compelling ideas and when you have conviction go ahead and overweight \u201cbigly.\u201d<\/em><\/li>\n
  36. New paradigms are a rare occurrence.<\/em><\/li>\n
  37. Pride goes before a fall.<\/em><\/li>\n
  38. Consider opposing investment views and cultivate curiosity.<\/em><\/li>\n
  39. Maintain a healthy level of skepticism as you never know when the Cossacks might be approaching.<\/em><\/li>\n
  40. Though doubt is uncomfortable, certainty is ridiculous and sometimes dangerous.<\/em><\/li>\n
  41. When investing and trading, never let your mind dwell on personal problems and always control your emotions.<\/em><\/li>\n
  42. \u2018Rate of change\u2019\u00a0is the most important statistic in investing.<\/em><\/li>\n
  43. In evaluating the attractiveness of a company always consider upside reward vs. downside risk and\u00a0\u2018margin of safety.\u2019<\/em><\/li>\n
  44. Don\u2019t stray from your investing and trading methodologies and timeframes.<\/em><\/li>\n
  45. \u201cKnow\u201d\u00a0what you own.<\/em><\/li>\n
  46. Immediately sell a stock on the announcement or discovery of an accounting irregularity.<\/em><\/li>\n
  47. Always follow the cash (flow).<\/em><\/li>\n
  48. When new ways of earnings are developed \u2013 like EBITDA (and before stock-based compensation) \u2013 substitute them with the word\u2026 \u201cbullshit.\u201d<\/em><\/li>\n<\/ol>\n

    Two Bonus Rules<\/strong><\/h3>\n
      \n
    1. Favor pouring over balance sheets and income statements rather than spending time on Twitter and\/or wallstreetbets.<\/em><\/li>\n
    2. Always pay attention to what David Tepper and Stanley Druckenmiller are thinking\/doing.\u00a0<\/em>(Trade\/invest against them at your own risk).\u00a0<\/em><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

      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 greed are stronger than long-term … <\/p>\n

      Continue reading “Doug Kass | 50 laws of investing”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[57],"tags":[5324,5323],"class_list":["post-29740","post","type-post","status-publish","format-standard","hentry","category-stock-markets","tag-50-laws-of-investing","tag-doug-kass"],"yoast_head":"\nDoug Kass | 50 laws of 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=\"Doug Kass | 50 laws of investing - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Doug Kass wrote these 50 laws, incorporating many of Bob Farrell’s 10 rules, in an article in Barron’s. 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JPMorgan Chase CEO Jamie\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":"Extreme Fear","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-10-17-fear.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":4836,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/11\/is-america-the-greatest-country-in-the-world\/","url_meta":{"origin":29740,"position":1},"title":"Is America the greatest country in the world?","author":"Colin Twiggs","date":"July 11, 2012","format":false,"excerpt":"Beginning scene of the new HBO series The Newsroom answers the question: \"Why is America the greatest country in the world?\" http:\/\/youtu.be\/16K6m3Ua2nw An honest three and a half minutes of television.... [strong language] Hat tip Barry Ritholz\/Doug Kass","rel":"","context":"In "The Big Picture"","block_context":{"text":"The Big Picture","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/the-big-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/16K6m3Ua2nw\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":29732,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/07\/bob-farrell-10-rules-for-investing\/","url_meta":{"origin":29740,"position":2},"title":"Bob Farrell | 10 rules for investing","author":"Colin Twiggs","date":"December 7, 2021","format":"quote","excerpt":"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\u2026","rel":"","context":"In "Quotes"","block_context":{"text":"Quotes","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/quotes\/"},"img":{"alt_text":"Bob Farrell","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/bobfarrell.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":47943,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/02\/01\/cre-and-big-tech-spook-investors\/","url_meta":{"origin":29740,"position":3},"title":"CRE and big tech spook investors","author":"Colin Twiggs","date":"February 1, 2024","format":false,"excerpt":"The S&P 500 fell sharply on Wednesday, heading for a test of new support at the former high of 4800. Respect of support at 4800 would confirm a primary advance; breach of 4700 is less likely but would warn of a secondary correction. The fall in the S&P 500 index\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\/2024\/2024-02-01-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-02-01-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-02-01-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":62333,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/08\/28\/greed-and-fear\/","url_meta":{"origin":29740,"position":4},"title":"Greed and fear","author":"Colin Twiggs","date":"August 28, 2025","format":false,"excerpt":"Key Points Stocks are in a primary uptrend supported by strong financial market liquidity But consumers think a recession is likely in the next 12 months Bitcoin and gold also warn that investors are edgy The Invesco Nasdaq 100 ETF (QQQ) retraced last week but continues to display buyer support\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":"Invesco Nasdaq 100 ETF (QQQ)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-08-28-qqq.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-08-28-qqq.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-08-28-qqq.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":34518,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/06\/18\/sp-500-volatility-reversion-to-the-mean\/","url_meta":{"origin":29740,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/29740","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=29740"}],"version-history":[{"count":3,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/29740\/revisions"}],"predecessor-version":[{"id":35899,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/29740\/revisions\/35899"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=29740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=29740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=29740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}