00:00i've watched fortunes rise and disappear after decades of investing i follow six rules
00:05break them and wealth becomes much harder rule number one is the one beginners ignore
00:10rule one never invest just because everyone else is excited if you can't explain how the
00:16investment makes money you probably shouldn't own it ignore the hype rule two look for quality
00:21great businesses can keep producing value long after today's excitement disappears don't buy a
00:26story buy a strong business at a sensible price rule three think in decades not days compounding
00:32needs time constantly jumping in and out can destroy the advantage of patience let good decisions breathe
00:38rule four protecting your capital matters don't take risks that can permanently destroy your ability
00:45to invest advantage of patience let compound money you've already lost rule five control your emotions
00:51rule six keep some financial flexibility so you can act when great opportunities appear
00:56when others panic discipline becomes an advantage building wealth isn't about finding the next
01:01miracle investment it's about making good decisions and repeating them for years that's the difference
01:06between chasing wealth and building it
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