FULL OF BULL - excerpts from the Afterword

Overhaul your approach to investing. Invest the right way. Revamp your practices. Realign your investing strategies. By digesting the observations and exhortations in this book, conscientious investors will be able to understand how Wall Street really operates, how it plays the game, and how they can improve their investment performance. Separate babble from substance, regardless of whether the source of that blather is Wall Street, the media, or companies. Don't rely on the Street. Warren Buffet's attitude is, “Never ask the barber if you need a haircut.” When you ask a brokerage which stock to buy, the firm invariably advocates what it wants to sell, not what might be the best investment for you.

Exploit Your Status as an Individual Investor

Conduct your own research. Observe. Read. Listen. Overhear. Ponder. Anticipate. Predict. Analyze. Question. Judge. Be skeptical. When evaluating companies as potential investments, seek out specialty firms�they do it better than generalists. The business should be relatively simple to understand. Financial strength is paramount. Assess the value of its assets. The five- or ten-year earnings record is important. But nothing is perfect. Some variation in earnings performance is natural and inevitable. Assessing corporate management requires scrutinizing quality, character, values, and attitude. An important trait in a company's executives is humility. Steer clear of arrogant executives. Be wary of spin and self-promotion. Ray DeVoe, the market observer, contends “Good judgment comes from experience, and experience comes from bad judgment. But bad judgment is just a polite term for stupidity.” I hope this book helps you avoid the latter.