At 5 year highs in some stock markets, some people are forgetting what they have learned the hard way in previous bear markets. GMO’s James Mortimer reminds us of the 7 immutable laws of investing:
1. Always insist on a margin of safety
2. This time is never different
3. Be patient and wait for the fat pitch
4. Be contrarian
5. Risk is the permanent loss of capital, never a number
6. Be leery of leverage
7. Never invest in something you don’t understand
