1. Buy only stocks that are underrated rather than "hot," cheap, fast-growing, safe, or even world-class. Prejudice is an investor's best friend. Conventional wisdom often reflects lazy thinking.
2. Always do your own research and dig deep.
3. Distrust the "wisdom" of the markets.
4. Use crises to get "in" and investment fashions to get "out."
5. Be skeptical of proven success because it is quickly recognized by other investors and competitors.
6. The greatest potential is in the next generation of world-class companies and their competitiveness really matters.
7. The best insights come from unusual sources. When you hear from companies, read in newspapers, or are told by brokers is often already reflected in market prices.
8. Spend more time studying economic and industry trends than reacting to events that--good or bad--are always overblown.
9. Always write down why you made a decision to invest or sell. Later, take the time to look back at your notes and analyze why an investment really worked or didn't work.
10. Look for unusual and unexpected South-South connections.