Taken from Charles Ellis’s Winning the Loser’s Game
Save. For your future happiness and your kids’ education
Don’t Speculate. If you must, then gamble as much as you would at Las Vegas.
Do not do anything in investing primarily for tax reasons
Your home is not an investment. It is a place to live with your family.
Never do commodities, which is only ever price speculation.
Do not confuse financiers and fund managers. Both only exist to take money from you.
Avoid anything new fangled
Don’t invest in bonds as a safe haven. They move around as much as stocks.
Write out your long term investing goals and stick with them.
Distrust your feelings. When you’re euphoric, you’re probably set to fail.