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CARRET & COMPANY'S PHIL CARRET
(continued from preceding page)
These questions and answers followed Carret's prepared remarks:
Of your "12 Commandments of Investing" that you wrote so long ago, are there any you would change?
Carret: No. I don't think I would revise them. I think they're all right.
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1. Never hold fewer than 10 different securities covering five different fields of business; 2. At least once every six months, reappraise every security held; 3. Keep at least half the total fund in income producing securities; 4. Consider yield the least important factor in analyzing any stock; 5. Be quick to take losses and reluctant to take profits; 6. Never put more than 25% of a given fund into securities about which detailed information is not readily and regularly available; 7. Avoid inside information as you would the plague; 8. Seek facts diligently, advice never; 9. Ignore mechanical formulas for value in securities; 10. When stocks are high, money rates rising and business prosperous, at least half a given fund should be placed in short-term bonds; 11. Borrow money sparingly and only when stocks are low, money rates low and falling and business depressed; 12. Set aside a moderate proportion of available funds for the purchase of long-term options on stocks in promising companies whenever available. |
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