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12 investment lessons from Anthony Deden, Chairman of Edelweiss Holdings (I highly recommend googling if you're unfamiliar with this tremendous, but publicity-shy investor):
1) Don't focus on growth, focus on what endures.
1) Don't focus on growth, focus on what endures.
2) An owner of a business thinks first and foremost about survival. They're not interested in what the business is worth. The balance sheet is more important than the income statement.
3) What can go wrong in a business is much more important than what can go right. You can't value a company until you know what can go wrong.
4) Focus on scarcity in all its permutations and look for companies that are as immune as possible from external factors.
5) You have to be discriminating, to the point of absurdity.
6) The things you don't see are normally the things that kill you, especially when it comes to people.
7) Look for companies supplying products that are a tiny portion of the cost base, but are essential.
8) A business that is dependent on acquisitions is an accident waiting to happen.
9) If you wouldn't want to own the entire business, why would you want to own part of it?
10) Focus on the seeds being sown today, good and bad.
11) Time spent looking at a business/industry is never wasted. Knowledge compounds.
12) Ignore news and what other people are doing, it's just noise.
