Leithner & Co – 10 Investing Principles

Leithner & Co is a Graham-style “value” investor. Their investment philosophy implies ten principles, which they list on http://www.leithner.com.au.

  1. Ignore ‘the market’ and ‘market gurus’.
  2. Don’t try to predict ‘the economy’ and ignore those who do.
  3. Analyse individual businesses and not ‘the market’.
  4. Buy only when the price is right.
  5. Ignore institutional and bureaucratic imperatives.
  6. Buy and (wherever possible) hold indefinitely.
  7. Diversify, but don’t over-diversify.
  8. Remember that risk inheres in any investment.
  9. Adopt a sensible criterion of success.
  10. Explain yourself plainly and remember the people involved.
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