Overall, this book is dated and hard to read. What’s worse, they’ve doubled the length by adding commentary every chapter (which is needed because the book is dated and no longer fully relevant). I did not finish reading it.
Nevertheless, these are some highlights:
“Stocks become more risky, not less, as their prices rise – and less risky, not more, as their prices fall.” Contrast this to the recent Bitcoin bubble, going from $2,500 to $19,00 within a year. I remember thinking I believe in Bitcoin’s long-term growth and so I don’t want to miss out at $16,000 when it goes to $100,000.
“The worse the future looks, the better it usually turns out to be.”
A great company is not a great investment if you pay too much for the stock.