RULES OF INVESTING SUCCESSFULLY

1. MEANING OF INCOME
Income is the consumption and savings opportunity gained by an entity within a specified timeframe, which
is generally expressed in monetary terms. However,for households and individuals, "income is the sum of
all the wages,salaries, profits, interests’ payments, rents and other forms of earnings received... In a given
period of time." most individuals gain income through earning wages by working and/or making
investments into financial assets like stocks, bonds and real estate. In most countries, earned income is
taxed by the government before it is received. The revenue generated by income taxes finances government
actions and programs as determined by federal and state budgets. The money an individual has left after
taxes are subtracted from income is called disposable income. Most people spend this money on necessities
like housing, food and transportation and on discretionary items like restaurant meals, vacations and cable
television.
MEANING OF SAVINGS
Saving is income not spent, or deferred consumption. Methods of saving include putting money aside in,
for example, a deposit account, a pension account, an investment
fund, or as cash. Saving also involves reducing expenditures, such
as recurring costs. In terms of personal finance, saving generally
specifies low-risk preservation of money, as in a deposit account,
versus investment, wherein risk is higher; in economics more
broadly, it refers to any income not used for immediate
consumption. For those who are financially prudent, the amount of
money that is left over after personal expenses have been met can
be positive. For those who tend to rely on credit and loans to make
ends meet, they will have negative savings. Savings can be turned into further increased income
through investing.
MEANING OF INVESTMENTS
In finance, investment is buying or creating an asset with the expectation of
capital appreciation, dividends (profit), interest earnings, rents or some
combination of these returns. This may or may not be backed by
research and analysis. Most or all forms of investment involve
some form of risk, such as investment in equities, property, and
even fixed interest securities which are subject, among other
things, to inflation risk. It is indispensable for project investors to
identify and manage the risks related to the investment. In other words,
an assetoritem that is purchasedwith the hope that it will generate
income or appreciate in the future. In an economic sense,
an investment is the purchase of goods that are not consumed
today but are used in the future to create wealth. In finance, an
investment is a monetary asset purchased with the idea that the asset will
provide income in the future or appreciate and be sold at a higher price.
Elements of Investments
Return: Investors buy or sell financial instruments in order to earn return on them. The return includes both
current income (current yield) and capital gain (capital appreciation).
TYPES OF
INVESTMENTS
PROTECTIVE
TAX
ORIENTED
SPECULATIVE
FIXED-
INCOME
EMOTIONAL
GROWTH

2. Risk: Risk is the chance of loss due to variability of returns on an investment. In case of every investment,
there is a chance of loss. It may be loss of investment; however risks and returns are inseparable.
Time: Time is an important factor in investment. Time period depends on the attitude of investors who
follow a buy & hold policy.
Determinants of an investor’s profile or investing style
 Objective personal or social traits such as age, gender, income, wealth, family, tax situation...
 Subjective attitudes, linked to the temper (emotions) and the beliefs (cognition) of the investor.
 Generally, the investor's financial return / risk objectives, assuming they are precisely set and fully
rational.
DIFFERENCE BETWEEN SAVING AND INVESTING
Although savings and investment can be used for meeting various expenses in life, there are some major
differences between them. Come month end, and it is time to decide what you want to do with the money
left over afterpaying off all the expenses.There are typically two options: either to save it or invest it. Many
people wrongly assume that both the concepts are same. However, there are some major differences
between the two. These differences can be on following basis.
 Meaning
Saving money means keeping aside a part of your income regularly in order to deal with unexpected
expenses. Investment means putting your saved money in various products in order to earn returns
and grow your wealth.
 Time
Savings are usually used to meet your short term
needs. People save in order to deal with emergency
situations and meet unexpected expenses.
However, investment generally entails a longer
horizon of six months or more. It is designed to
provide returns and grow your money over a period
of time.
 Risk and reward
Another difference between savings and
investment is the risk they bear and returns they
offer. While savings stored in a safety vault are very safe,they will not generate any returns over
the years. Even if money is kept in a savings account,it will provide a negligible rate of return. On
the other hand, money invested in various products like stocks, mutual funds, gold, etc. Is subject
to more risks, but has the potential to grow over time. If invested wisely, your money can grow
manifold over years.
 Liquidity
When it comes to liquidity, your savings are the most liquid assets,as they can be accessed at any
time. However, this is not the case with investments. It takes a few days for the money to reach
your bank account after you decide to sell your investments.

3. SPECULATION
In finance, speculation is a financial action that does not
promise safety of the initial investment along with the return
on the principal sum. Speculation typically involves the
lending of money or the purchase of assets,equity or debt but
in a manner that has not been given thorough analysis or is
deemed to have low margin of safetyor a significant risk of the
loss of the principal investment. The term, "speculation,"
which is formally defined as above in Graham and Dodd's
1934 text, Security Analysis, contrasts with the term
"investment," which is a financial operation that, upon
thorough analysis, promises safety of principal and a
satisfactory return. In a financial context, the terms
"speculation" and "investment" are actually quite specific. For
instance, although the word "investment" is typically used, in
a generalsense,to meanany actof placing money in a financial
vehicle with the intent of producing returns over a period of
time, most ventured money—including funds placed in the world's stock markets—is actually not
investment, but speculation.
DIFFRENCE BETWEEN INVESTMENT AND SPECULATION
Identifying speculation can be best done by distinguishing it from investment. According to Ben Graham
in Intelligent Investor, the prototypical defensive investor is "...one interested chiefly in safetyplus freedom
from bother." He admits, however, that "...some speculation is necessary and unavoidable, for in many
common-stock situations, there are substantial possibilities of both profit and loss, and the risks therein
must be assumed by someone." Many long-term investors, even those who buy and hold for decades may
be classified as speculators, accepting only the rare few who are primarily motivated by income or safety
of principal and not eventually selling at a profit.
Speculators can be increasingly distinguishable by shorter holding times, the use of leverage, by being
willing to take short positions as well as long positions. A degree of speculation exists in a wide range of
financial decisions, from the purchase of a house to a bet on a horse; this is whatmodern market economists
call "ubiquitous speculation‖.
STEPS OF MAKING FINANCIAL BUDGETS
1. Budgets are a necessary evil. They're the only practical way to get a grip on your spending - and to
make sure your money is being used the way you want it to be used.
2. Creating a budget generally requires three steps.
- Identify how you're spending money now.
- Evaluate your current spending and set goals that take into account your long-term financial objectives.
- Track your spending to make sure it stays within those guidelines.

4. 3. Use software to save grief. If you use a personal-finance program such as Quicken or Microsoft Money,
the built-in budget-making tools can create your budget for you.
4.Don'tdrive yourselfnuts. One drawbackof monitoring your spending by computer is that it encourages
overzealous attention to detail. Once you determine which categories of spending can and should be cut (or
expanded), concentrate on those categories and worry less about other aspects of your spending.
5.Watch out for cashleakage. If withdrawals from the ATM machine evaporate from your pocket without
apparent explanation, it's time to keep better records. In general, if you find yourself returning to the ATM
more than once a week or so, you need to examine where that cash is going.
6. Spending beyond your limits is dangerous. But if you do, you've got plenty of company. Government
figures show that many households with total income of $50,000 or less are spending more than they bring
in. This doesn't make you an automatic candidate for bankruptcy - but it's definitely a sign you need to
make some serious spending cuts.
7. Beware ofluxuries dressed up as necessities.If your income doesn't cover your costs, then some of
your spending is probably for luxuries - even if you've been considering them to be filling a real need.
8. Tithe yourself. Aim to spend no more than 90% of your income. That way, you'll have the other 10%
left to save for your big-picture items.
9. Don't count on windfalls. When projecting the amount of money you can live on, don't include dollars
that you can't be sure you'll receive, such as year-end bonuses, tax refunds or investment gains.
10.Beware ofspending creep. Asyourannual income climbs from raises,promotions and smart investing,
don't start spending for luxuries until you're sure that you're staying ahead of inflation. It's better to use
those income increases as an excuse to save more.
SETTING PRIORITIES
1. Narrow your objectives- You probably won't be able to achieve
every financial goal you've ever dreamed of. So identify your goals
clearly and why they matter to you, and decide which are most
important. By concentrating your efforts, you have a better chance
of achieving what matters most.
2. Focus first on the goals that matter- To accomplish primary
goals, you will often need to put desirable but less important ones
on the back burner.
3. Be prepared for conflicts-Even worthy goals often conflict with
one another. When faced with such a conflict, you should ask
yourself questions like: Will one of the conflicting goals benefit more people than the other? Which goal
will cause the greater harm if it is deferred?
4. Put time on your side. The most important ally you have in reaching your goals is time. Money stashed
in interest-earning savings accounts or invested in stocks and bonds grows and compounds. The more time
you have, the more chance you have of success. Your age is a big factor - younger people (who have more

5. time to build their nest egg) can invest differently than older ones. Generally, younger people can take
greater risks than older people, given their longer investment horizon.
5. Choose carefully. In drawing up your list of goals, you should look for things that will help you feel
financially secure, happy or fulfilled. Some of the items that wind up on such lists include building an
emergency fund, getting out of debt and paying kids' tuitions. Once you have your list together, you need
to rank the items in order of importance.
6. Include family members. If you have a spouse or significant other, make sure that person is part of the
goal-setting process. Children, too, should have some say in goals that affect them.
7. Start now. The longer you wait to identify and begin working toward your goals, the more difficulty
you'll have reaching them. And the longer you wait, the longer you postpone the advantage of compounding
your money.
8. Sweat the big stuff. Once you have prioritized your list of goals, keep your spending on course.
Whenever you make a large payment for anything, ask yourself: "Is this taking me nearer to my primary
goals - or leading me further away from them?" If a big expense doesn't get you closer to your goals, try to
defer or reduce it. If taking a grand cruise steals money from your kids' college fund, maybe you should
settle for a weekend getaway.
9. Don't sweat the small stuff. Although this lesson encourages you to focus on big-ticket, long-range
plans, most of life is lived in the here-and-now and most of what you spend will continue to be for daily
expenses - including many that are simply for fun. That's OK - so long as your long-range needs are taken
into consideration.
10. Be prepared for change. Your needs and desires will change as you age, so you should probably
reexamine your priorities at least every five years.
BASICS OF INVESTING
Becoming a better investor is to possess the qualities of knowing when to invest, when to exit and what to
invest in? There are severalwaysto become a better investor and the first step is to keep it simple. However,
it is seen that people have a tendency to keep their investments complex, as they think that if investing was
that simple then everyone would be doing it. Though, this should be the actualscenario. Investing is simple
and everyone should be doing it. Following some basic rules of investing can help anyone becoming a
better and successful investor.
Diversify- the holding assets should always be
a mixture of investing in equity and bond. The
investments in equity should be exposed to
large, medium, small caps and sectors as well.
The debt instruments should be mix of short and
long term bonds. For starters,one should not get
carried awayby adding gold, realestate and any
other commodity. As in the Indian society, gold
and real estate are meant for consumption
purposes rather than for investing.

6. Start Early- Starting early can help you gain the benefits of compounding, which means longer the money
works for you more you will gain. Compounding can always be of great benefit, particularly for holdings
in stock market as this will make money grow and keep the returns well ahead of inflation.
Investing in what you know- people easily get carried away by complex investments as they see
probability of posting stupendous gain. However, such investments strategies work only once in a while,
not always. Instead, investing in what is better known and well understood can bring in more gains.
Avoidfancy stocks-Hotstocksand sectorscanget you into a hot soup. Taking the example of 2004 market
rally according to which infrastructure seemed the best investment avenue, however, in 2008 this sector
was the worst impacted and investors are yet to recover from the loss.
Pay attention the investments made- it is a proven fact
that no investment is a safe or best performer forever.
Even the bluest of blue chip can turn turtle. There is
difference stocks which are “buy and hold” and “buy and
hold forever”. So it becomes necessary to review
investments at least once in a year.
Refrain from being impacted by temporary phases-
the movements in the market should not affect the long
term investment plans. Taking the example of 2008
market condition, whenpeople lost their faith in the stock
market and disinvested, but they lost out on the
spectacular gains of the market rebound the very next
year.
Stick to the “plan”- being carried away by sentiments and abandoning the long term plans because of
small losses in the portfolio cannot be considered a wise decision. The market ought to go up and down and
it is not always necessary that one owns the best performers, but diversifying well and sticking to plans in
the long term will surely result in profits.
Being realistic about Risk appetite- It is necessary to analyze that how much percentage risk can make
sleepless. If a 15 percent dip in the investments worries the investor than the investor has relatively lower
risk taking capacity, particularly in equities.
Rupee Cost Averaging- the mutual
fund route to investing comes with
several benefits and one of them is to
invest the same amount every month,
which is popularly known as systematic
investment plan (SIP). This approach
has proven to work wonderfully over
time. By sticking with programme and
increasing the investments when one
can, he/she will be able to gain
considerably from investments in the stock market over a period of time.
Know the Market- spending time in learning about the market and various conditions can always be
helpful. One cannot always be right every time while investing. It is not necessary that one buys at low and

7. sells at high. But the objective of investing is not to be right all the time, but to make money when one is
right. That means sticking to your plan, investing in good quality, profitable companies, putting money into
the market on a regular basis, selling losers sooners and not later and sticking with your winners. Investment
in Sensex over ten or fifteen years have rarely been loss making.
GOLDEN RULES OF INVESTING
“Know what you own, and know why you own it.” -Peter Lynch
Investonlyin fundamentally strong companies- The idea is, not go for momentum or penny stocks rather
invest only in companies with strong fundamentals; these are the ones that will withstand market pressures,
and perform well in the long term.
Read carefully- Do not gamble away the hard earned money, diligence is a must. Read about the offer.
This is an advice difficult to practice with offer documents now running into more than 1000 pages;
abridged prospectus too is difficult to read. Yet,read one must, at least sections on risk factors,litigations,
promoters, company history, project, objects of the issue and key financial data.

8. Follow life-cycle investing- One can afford to
take greater risks when young. As you cross 50,
start getting out of risky instruments. By 55/60,
you should be totally out of equity. (You can’t
afford to lose your capital when you have
stopped earning new money). There are better
things in life at that age than watch the price
ticker on TV!
Invest in IPOs - IPOs are a good entry point.
During bull runs, almost all IPOs provide
positive, and in many cases huge, returns on the
listing day. If an investor does not book profit, he
is either greedy or takes a wrong call on the
company/ industry/ market. He should then not fault the IPO price. IPOs have to be bought; these are not
forced upon the investors. The problem is that we put IPOs on a pedestal and expect them to perform
forever. An IPO becomes a listed stock on the listing date. It will then behave like that. Decide whether you
are investing in an IPO or in a company. If as an IPO,then exit on listing date. If as a company,then remain
invested as you would in a listed stock.
Invest in every PSU IPO- IPOsare only from very good and profitable PSUs; also very little risk of fraud.
There would always be a discount for the retail investors. Don’t get bothered by the listing price; stay
invested.
Invest in mutual funds- In India, mutual funds are dominated by corporate money, and have little focus
on the small investors. Still, mutual funds are a better vehicle for a small investor. There are too many
mutual funds, too many schemes; select the right one.
Learn to sell- Most investors buy and then just hold on (Most advice by experts on the media is also to buy
or hold, rarely to sell). Profit is profit only when it is in your bank (and not in your register or Excel sheet).
Remember, you cannot maximize the market’s profits so don’t be greedy. Set a profit target, and sell.
Deal only with registered intermediaries- Many unauthorized operators in the market who will lure you
with promises of high returns, and then vanish with your money. Dealing with registered intermediaries is
safer and allows recourse to regulatory action.
Let not greed make you an easy prey! Many scammers are roaming around, to exploit your greed. Most
scams rob small investors. Be careful about the entity seeking your
money.
Beware of the media, especially the stock specific advice on
electronic media-Too many “saints” in the capital market offering free
advice! In reality, many of these advisors have vested interests. Also
beware of the get-rich schemes being sold through SMS and emails.
Don’t get taken in by advertisements- The job of an advertisement is
to make you feel-good. Don’t get carried away by attractive headlines,
appealing visuals, catchy messages.

9. Beware of fixed/guaranteed returns schemes -Anyone who is offering a return much greater than the
bank lending rate is suspicious. Remember plantation companies-promised huge returns (in some cases
50% on Day 1)!
Beware of the grey market premia- These are artificial and normally created by the promoter himself.
Don’t get overwhelmed by sectoral frenzies-The present sectoral frenzy is around Logistics and
Infrastructure. Remember, all companies in a sector are not good. Each sector will have some very good
companies, some reasonably good companies and many
bad companies. Be also wary about companies that change
their names to reflect the current sectoral fancy.
Don’t over-depend upon ‘comfort’ factors- like IPO
Grading, Independent Directors.
Don’t blindly take decisions based on accounts just because these are audited-High incidence of
fraudulent accounts and of mis-advertising of financial results. Satyam case is a wakeup call. Read
qualifications and notes to the accounts. Look out especially for unusual entries related party transactions,
sundry debtors, subsidiaries’ accounts.
Cheap shares are not necessarily worth buying -Do not chase price, chase value. Price can be low
because the company in fact is not doing well (but hype over the company/sector may induce you). Worse,
the price can be low because the face value has been split (over 500 companies have split their shares).
Be wary of companies where promoters issue shares/warrants to themselves- Preferential allotments
to promoters are almost always made for the benefit of the promoters only. (The fair route should be rights
issue).
Don’t be fooled by Corporate Governance Awards/CSR- There is a high incidence of fraudulent
companies upping their CG and CSR activities.
Be honest- Be honest to yourself as only then you can demand honesty. We are very weak investors/no
strong investor associations/take everything lying down. Needto form/join strong investor associations and
fight for our rights. Need to demand disgorgement.
AVOID THESE MISTAKES
Investing onTips-itis usual to researchsmartphones,speakto friends owning them before actually buying
them. But, the same rigor is missed when investing in a stock, as we find it easy to buy on a tip. Your first
step to investing is to research what you are investing.
Influenced by Short term movements-It is one thing to react to
short term market movements like a fall owing to a policy change
or a rise owing to global changes. Ask yourself if you had invested
for the short or the long term? If you had invested for the long term,
a short infra day fall should not impact your holdings.
Booking Profits- It is common for most investors to book early
profits, but delay their losses by holding on to them. The result is
“fourmost dangerouswordsin
investingare- thistime it’s
different”- SirJohn Templeton

10. you end up selling the good stocks in hurry to book gains and stay invested in duds hoping for them to turn
around.
Herd mentality- There are times when one blindly follows the market trends or what the experts buy.
Remember, institutions like mutual funds and big investors
take positions based on the depth research. You can benefit
from their home work if you view the market the same way as
they do.
Tax considerations- It is one thing to hold on to equities for
more than a year to avoid long term capital gains and another
to hold a loser. Cut your losses than think about tax implications. Hold onto stocks for the long run only if
they remain attractive. If the stock fundamentals call for an exit, do so without thinking of taxes. There is
no harm paying a little taxes than losing on a bad pick.
CONTROLLING YOUR PERSONAL DEBT
Some debt is good. Borrowing for a home or college usually makes good sense. Just make sure you don't
borrow more than you can afford to pay back, and shop around for the best rates.
Some debt is bad. Don't use a credit card to pay for things you consume quickly, such as meals and
vacations, if you can't afford to pay off your monthly bill in full in a month or two. There's no faster way
to fall into debt. Instead, put aside some cash each month for these items so you can pay the bill in full. If
there's something you really want, but it's expensive, save for it over a period of weeks or months before
charging it so that you can pay the balance when it's due and avoid interest charges.
Get a handle on your spending. Most people spend
thousands of dollars without much thought to what they're
buying. Write down everything you spend for a month, cut
back on things you don't need, and start saving the money
left over or use it to reduce your debt more quickly.
Pay off your highest-rate debts first. The key to getting
out of debt efficiently is first to pay down the balances of
loans or credit cards that charge the most interest while
paying at least the minimum due on all your other debt.
Once the high-interest debt is paid down, tackle the next
highest, and so on.
Don't fall into the minimum trap. If you just pay the
minimum due on credit-card bills, you'll barely cover the interest you owe, to say nothing of the principal.
It will take you years to pay off your balance, and potentially you'll end up spending thousands of dollars
more than the original amount you charged. Watch where you borrow. It may be convenient to borrow
against your home or your 401(k) to pay off debt, but it can be dangerous. You could lose your home or
fall short of your investing goals at retirement.
Expect the unexpected. Build a cash cushion worth three months to six months of living expenses in case
of an emergency.If you don't have anemergency fund, a broken furnace or damaged carcanseriously upset
your finances.
“Don’trun with the herd. Being
surroundedby people whoare doing
the same thingas you offersa false
sense of protection”- BobRodriguez

11. Don't be so quick to pay down your mortgage. Don't pour allyour cash into paying off a mortgage if you
have other debt. Mortgagestend to have lower interest ratesthan other debt, and you may deduct the interest
you pay on the first $1 million of a mortgage loan. (If your mortgage has a high rate and you want to lower
your monthly payments, consider refinancing.)
Get help as soon as you need it. If you have more debt than you can manage, get help before your debt
breaks your back. There are reputable debt counseling agencies that may be able to consolidate your debt
and assist you in better managing your finances. But there are also a lot of disreputable agencies out there.
RIGHTS OF INVESTORS
Rights as a shareholder
 To receive the shares on allotment or purchase within the stipulated time
 To receive copies of the Annual Report containing Balance Sheet, Profit & Loss Account and
Auditor’s Report
 To receive dividends in due time
 To receive approved corporate benefits like rights, bonus, etc.
 To receive offer in case of takeover, delisting or buyback
 To participate/vote in general meetings.
 To inspect the statutory registers at the registered office of the company
 To inspect the minute books of the general meetings and receive copies.
 To complain and seek redressal against fraudulent and investor unfriendly companies
 To proceed against the company, if in default, by way of civil or criminal proceedings
 To receive the residual proceeds in case of winding up
Rights as a debenture holder
 To receive interest/redemption in the stipulated time
 To receive a copy of the trust deed on request
 To apply before the CLB in case of default in redemption of debentures on the date of maturity
 To apply for winding up of the company if the company fails to pay its debt
 To approach the Debenture Trustee for grievances
Rights as a buyer/seller of securities to get
 The best price
 Proof of price / brokerage charged
 Money/shares on time
 Statement of accounts from the broker, depository etc.
Obligations as a buyer/seller of securities
 Enter into proper agreements with the broker, depository etc.
 Possess a valid contract note
 To make payment on time
 To deliver shares on time with rights of redressal against
 Fraudulent prices
 Unfair brokerage
 Delays in receipt of money or shares

12. As an investor, your responsibility is
 To remain informed
 To be vigilant
 To exercise your rights on your own or as a group
HIRING A FINANCIAL PLANNER
Anyone can call himselfa planner. To avoid amateurs,
hire a planner who's earned special credentials (such as
a Certified Financial Planner or Personal Financial
Specialist designation) by meeting training standards or
having a certain level of experience.
Planning is more than investing. Not allplanners offer
comprehensive services. Some just give investment
advice or focus on one aspect of planning, such as
insurance or taxes.
Expand your choices. When hiring a planner, interview
at least three pros to find the one who can deliver the services you need and who's compatible with your
style.
Personal references are a good place to start - but not the last stop. A reference from a friend or family
member is a great way to search for a financial planner. But make sure you've got similar needs as the
person who's giving the referral. Go to groups like the Certified Financial Planner Board of Standards and
the Financial Planning Association for additional references.
Understand howyour planner is getting paid. The three most common set-ups are: Fee-only, fee-based,
and commission-based. Fee-only planners don't get commissions for the products they sell - fees are for the
advice they give. Fee-based planners may receive commission on some products they sell, but most of their
money comes from a fee you pay them. Commission-based planners are paid by the companies whose
products they sell.
Check credentials. Check to see if a planner's record is tarnished by disciplinary problems or complaints.
Groups that award credentials or state agencies keep tabs on planners and
can provide help.
Get references.Ask a planner for two or more of his clients - then follow
up and call to find out how a planner performs in specific circumstances,
such as during a financial crisis.
Express yourself. The quality of a planner's advice is correlated to how
well he or she knows you. Make sure a planner asks questions about your
finances, goals, risk tolerance and philosophy. If they don't ask, they
probably aren't paying adequate attention.
Know what they're selling. Find out what financial products a planner
sells and how much he or his firm earns for making a sale. Be wary of

13. planners who push one product - say, one family of mutual funds or one kind of insurance - as they may
not give you the unbiased or comprehensive advice you need.
Know yourself. The best planner will take his cues from you. Before you hire someone, identify the
financial goals you want to meet, your assets and liabilities, your risk tolerance, and investment style. Are
you self-directed or do you want specialized help?
REFERENCES
1. www.cnnmoney.com
2. www.wikipedia.com
3. www.indianresearchjournal.com (a study of investment behavior of salaried people)
4. www.nseindia.com
5. OUTLOOK MONEY ( February 2015)
“Historyshows that time,not timing,
is the key to investmentsuccess.
Therefore the best time to invest is
when you have money”- SirJohn
Templeton