- Joshua M Brown
- July 30th, 2012
Rule Number One: Survive.
This game is about not sticking your neck out too far on a trade or a deal, lest it be chopped off. It's about keeping one's hands and feet inside the vehicle at all times and making the most of the ride. It's about ignoring the temptation of easy scores or the shortcuts that promise fast riches.
Its about realizing that everything has a cost, "cheap" is expensive and as for "free"? Free is deadly.
Not cutting legal or ethical corners.
Not accepting the envelope of cash or the hidden commission.
Not trusting anyone who doesn't seem to have their story straight or their act together.
Not betting on underdogs or turnarounds or longshots.
It's about the hustle, but the hustle with good intentions, the hustle that gets you in the right doors or onto the right phone calls.
It's about associating with A-Listers only - and recognizing the C-Listers who want to bring you down with them.
This is the only game where wealth and success is GUARANTEED - all you have to do is put your head down, do what you think is right and try your best. And be there. Building while the market gives you nothing, so that when it finally does - and it will - you get to go along.
It's about blocking and tackling, doing the little things that the other guys won't: Following up, showing up, reading more and starting earlier and taking mental notes and formulating your own personal list of do's and don'ts so that you have a frame of reference at every crossroads (and there will be many).
Street Life will break you down at times but over the long haul it will be good to you. Provided you don't take the detours or cheat to get ahead. Provided you don't fall off or get taken out before your time.
Because the final rule, and the most important one, is this:
Outlast the bastards.
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The Reformed Broker is a blog about financial markets and the economy. Joshua Brown is a New York City-based investment advisor for high net worth individuals, charitable foundations, retirement plans and corporations... More.