The later part the interview where Hersh Cohen summarised his investment rules is very educational.
1. Always keep a record of your investment mistakes. That reminds me of another great comment on investment: "Investing is not an art, it is a trial and error."
2. Only buy what you can understand. The company must pass the "smell test".
3. Appreciate the expectation factered in the price. Be contrarian. The time to sell is when you feel good at yourself and the time to buy is when you are scared to death. Learn to manage the emotions. I think Hersh's degree in psychology certainly helps him greatly in this respect.
4. Emphasis on Fundamental analysis and only buy high quality business.
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