Do not underestimate the value of due diligence

If and when you decide to pursue investing or whatever your fancy, do not underestimate the value of due diligence.

Look through each and every financial statement you can get your hands on, including the detailed notes.

If you just read the annual reports of companies, you will have done more than 98% of investors.

If you read the notes of the financial statements, you will be ahead of 99.5%.

Verify those financial statements, as well as future projections announced by the top executives, by doing your own legwork.

Talk to customers, suppliers, competitors, and anyone else who might affect the company.

Do not invest unless you can say with absolute certainty that you are more knowledgeable about his particular firm than 98% of the analysts!