The vast majority of great individual fortunes built in this country, especially by Wall Streeters and corporate executives, were not built by people who took investment risks. Rather, the secret to building a great fortune is to avoid, as completely as possible, the taking of any investment risk.
Investment risk consists of factors peculiar to a business itself, or the securities issued by that business. Investment risk is a risk separate and apart from market risk. Market risk involves fluctuations in the prices of securities and other readily tradable assets.
1. Buy Cheap.
2. Buy Equity Interests Only in High Quality Businesses.
3. TAVF tries to operate on a low cost basis for its shareholders.
4. The Fund ignores market risk.
5. Buy growth, but don’t pay for it.
6. TAVF is a buy-and-hold investor.
7. The Fund does not borrow money and, thus, invests without financial leverage.
Read the complete letter
Investment risk consists of factors peculiar to a business itself, or the securities issued by that business. Investment risk is a risk separate and apart from market risk. Market risk involves fluctuations in the prices of securities and other readily tradable assets.
1. Buy Cheap.
2. Buy Equity Interests Only in High Quality Businesses.
3. TAVF tries to operate on a low cost basis for its shareholders.
4. The Fund ignores market risk.
5. Buy growth, but don’t pay for it.
6. TAVF is a buy-and-hold investor.
7. The Fund does not borrow money and, thus, invests without financial leverage.
Read the complete letter
