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the important things you can't get too attached to a stock you have to understand there's a company behind it you can't treat this like your grandchildren you know you have to deal with the stock and say i understand the company that deteriorates at the fundamental slip you have to say goodbye to it you have one rule you want to remember is the stock does not know you own it this is a breakthrough so don't get you know you have to understand it and say they're doing well and as long as they keep doing well my best stocks have been my fifth sixth seventh year i own them not my fifth sixth seventh day so you have to understand that and uh stay with it and then uh i'll switch through to my uh my long shots avoid long shots i bought about 30 long shots of my life i've never broken even on one uh the ones that are really bad are we called whisper stalks and uh if arthur levitt was here to create a lovely appreciate these stories these are the times that somebody calls you and say hi peter how's carol how are the kids i'd like to talk to you about uh international blivet and uh and uh what they have in this company they're very good about that ernest martin's gonna be very they're gonna be small three balls one dollar share and they keep whispering all they say what are you talking about i don't understand it and these are now either they're so surrounded by people they're going to run out by this stock because it's so exciting or they think the sec is listing in they'll get a shorter term you know they'll get six months in the in the camp rather than two years in the camp for but whisper stocks don't work uh the uh and then i want to conclude with uh there's always something to worry about uh if you own stocks there's always something to worry about you can't get away from that uh what happens in the 50s people were worried about um the only reason we got out of the depression was world war ii we had another recession in the early 50s he said we're going to go right back into a depression people worried about a depression in the 50s and they're worried about nuclear war i mean back then uh you know the little warheads they had then they couldn't blow up mclean west virginia or plain virginia you know or charlestown now all these countries that then and stan there's none of these stan countries that have come out of russia they all have enough warheads to blow the world up and no one worries about when i was a kid people were building fallout shelters and we just have this this civil defense drill remember this one in high school you get under your desk i never thought even then that was a particularly good thing to do you know they'd blow it with some people in a hat would all get under our desk you know but in the 50s people wouldn't buy stocks except for the 80s the 50s was the best decade the century of the stock market and people wouldn't buy stocks in the 50s because they're worried about nuclear war they're worried about recent depression then people where oil went from 4 to 40 and it was going to go to 100 and we're gonna have a depression remember that one well about three years later the same experts now higher paid oil is now at ten they said it was going to four and we're gonna have a depression and then the japanese remember the japanese we're gonna own the world remember that one and we're gonna have a depression and then about two years later we're all worried about japan collapsing this is the most absurd thing i've ever heard it's a company with a 20 savings rate incredible workforce criminal productivity and people were saying we're gonna have a depression these their pants can collapse and they you know on their prayer list they load mother teresa and triple children and they're praying for japan at night you know you know it's unbelievable i mean the ldc debt remember the ldc debt remember that one all these countries all chase had lent their net worth to brazil chile peru and all these other countries and so out and all the other counts and ld said they're not going to pay it back and we're going to have a depression it always ends and we're going to have a depression or the great depression we have the great depression i never could understand that adjective in front of depression but the great depression or the big one the big ones coming but all these countries and now i understand these are called the then they were called less developed countries now we call them underdeveloped countries those are all wrong terms those are not politically correct you have to call these emerging countries you can't use less developed or underdeveloped because it's in fact the other day i heard the politically correct term for something that's overweight is laterally challenged that's the the uh that's a so they're always something to worry about and the key organ in your body in the stock market is your stomach it's not the brain if you can add eight and eight get reasonably close to 16 that's the only level of math you need to know you don't know to need the area under the curve remember that quadratic equation and an integral calculus and the area under the curve i mean whoever cared was under the damn curve but you had to study this you don't need this in the stock market so all you have to know is you're going to see it's always going to be scary there's going to be always something to worry about you just have to forget all about it cut it all out and own good companies our own turnarounds study them and you'll do well
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