9.

In the beginning, focus the vast majority of your effort on boosting your income & savings rate

The P/E ratio is only useful when a company is fully optimized for profits (stage 4)

It's most deceiving in stages 3 & 5

If you rarely sell, your portfolio will concentrate itself

It's a FAR bigger mistake to sell a mega-winner early than it is to hold a mega-loser too long.

Compounding pays off the most in the out-years

Optimize for longevity first, everything else second

Invest with CEOs that under-promise and over-deliver

Avoid CEOs that do the inverse

Stock prices & business profits are not at all linked in the short-term, but they are 100% linked in the long-term

Watch the business, not the stock

Analysis paralysis is real

Once you know enough, decide.