第24部分(第2/7 頁)

　earn　16　percent　from　the　state　government。　The　next　day　he　sent　me　an　article　about　why　my　investment　was　dangerous。　I　have　received　16　percent　for　years　now；　and　he　still　receives　6　percent。

I　would　say　that　one　of　the　hardest　things　about　wealth　building　is　to　be　true　to　yourself　and　be　willing　to　not　go　along　with　the　crowd。　For　in　the　market；　it　is　usually　the　crowd　that　shows　up　late　and　is　slaughtered。　If　a　great　deal　is　on　the　front　page；　it's　too　late　in　most　instances。 Look　for　a　new　deal。　As　we　used　to　say　as　surfers：　〃There　is　always　another　wave。〃　People　who　hurry　and　catch　a　wave　late　usually　are　the　ones　who　wipe　out。

Smart　investors　don't　time　markets。　If　they　miss　a　wave；　they　search

for　the　next　one　and　get　themselves　in　position。　Why　this　is　hard　for　most　investors　is　because　buying　what　is　not　popular　is　frightening　to　them。　Timid　investors　are　like　sheep　going　along　with　the　crowd。　Or　their　greed　gets　them　in　when　wise　investors　have　already　taken　their　profits　and　moved　on。　Wise　investors　buy　an　investment　when　it's　not　popular。　They　know　their　profits　are　made　when　they　buy；　not　when　they　sell。　They　wait　patiently。　As　I　said；　they　do　not　time　the　market。　Just　like　a　surfer；　they　get　in　position　for　the　next　big　swell。

It's　all　〃insider　trading。〃　There　are　forms　of　insider　trading　that　are　illegal；　and　there　are　forms　of　insider　trading　that　are　legal。　But　either　way；　it's　insider　trading。　The　only　distinction　is　how　far　away　from　the　inside　are　you？　The　reason　you　want　to　have　rich　friends　who　are　close　to　the　inside　is　because　that　is　where　the　money　is　made。　It's　made　on　information。　You　want　to　hear　about　the　next　boom；　get　in　and　get　out　before　the　next　bust。　I'm　not　saying　do　it　illegally；　but　the　sooner　you　know；