What is the single, most effective piece of financial advice you've ever received?

"It takes courage to be a pig." Stan Druckenmiller

 

"It takes courage to be Stan Druckenmiller"- Pig

 

Some.

 

Does than don't put more than 2% in a passive S&P buy and hold index fund? Or can something like that comprise more than 2%.

 

Are you expecting the fund to go to zero?

 

Don't invest in race horses. Know people lost incredible sums in buying and getting those animals trained.

 

I don't plan for the S&P 500 to go to zero. It diversifies away single-stock risk, and the S&P has never gone to zero in its decades-long history.

 

That's correct, thus a lot more than 2 percent of a portfolio could be in the fund you speak of.

 

Anything Gordon Gekko said to Bud Fox...is the most effective financial/trading advice I've ever received, or heard.

GG is a hawk. -- and he can spot and read your mouse butt a mile away.
GG is filet mignon, and Bud Fox is hamburger.

I'm number 99....1999 is one of my favorite years, if not the favorite.

 

Correct. Risk management is all we have in this business. There is nothing else.