Las Ideas de André Kostolany

I've just finished reading my second books of André Kostolany: Die Kunst über Geld nachzudenken. Inside this book, Kostolany said that a great speculator must have capital (not margin), ideas, patience and luck. None of them can be missed; otherwise, he will fail in the speculation.

He summarizes as a simple equation:

2+2 = 5-1

Capital: when the market changes direction, you can’t get “5” if your money is borrowed.

Ideas: you must imagine any possibilities, including uncommon risks, in order to preventing loss.

Patience: sometimes, the tape doesn’t react as you like. Thus you must wait.

Luck: speculation, will earn money sometime but it can lose money definitely. Bad luck means you’ll be a loser.

Make money is not straightforward. It’s tricky. 2+2 is equal to four, but you can’t the answer directly. You need get it through 5-1. Speculation is an art but a science. This is speculation.

There are other important thoughts from him. I may them down later on.

Further readings:
1. Wikipedia: André Kostolany (1906-1999)
2. André Kostolany: Die Kunst über Geld nachzudenken (1999)
3. André Kostolany: Kostolanys beste Geldgeschichten (1993)
4. André Kostolany: Kostolanys Börsenpsychologie (1991)