The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.

Just as many smart people fail in the investment business as stupid ones. Intellectually active people are particularly attracted to elegant concepts, which can have the effect of distracting them from the simpler, more fundamental truths.

I’m lucky to have the kind of life where the differentiation between work and play is absolutely zilch. I have no idea whether I’m working or whether I’m playing.

Try to pick a fund manager who has a well-defined strategy, has been through these things before, and go invest and stay with him.

The company must be profitable. Preferably it will have increased its earnings for the past five years and there will have been no deficits over that period.

To put money into anything, anywhere, provided that the downside is measurable and acceptable and the chances of a good profit appear to be better than 50%. I will not take gambles, but it is part of my job description to be ready to take very carefully calculated risks.

The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.