STREET DOGS: Five prerequisites for being a contrarian investor
From Jim Gallagher, who wrote a financial column for the St Louis Post-Dispatch for 23 years
Jim Gallagher, who wrote a financial column for the St Louis Post-Dispatch for 23 years, had this to say in his final column: Crack a book. It’s smart to study money. It will make you richer and harder to fool. Personal finance is not tough stuff. There’s nothing beyond high school math. Crooks are calling, don’t be too trusting. In our daily lives, most of us deal with nice people — neighbours, coworkers, friends. We let our guard down. Scammers are practiced manipulators of the psyche. They use greed to overwhelm sense. Debt is bad — and good. Don’t borrow money for something that won’t pay you back. Education pays you back. A house might. A car won’t. If you can’t beat ’em ... [Most of us] are dumber than the geniuses on Wall Street. You [probably] can’t beat the Street, so don’t try. In fact, most of the geniuses can’t beat the Street. So, favour dirt-cheap index mutual funds. But beware — stocks are not the place for money you’ll need in the next six years. Don’t listen to this...
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