Richard’s Wisdom by the Dow Theory Team
“Richard’s Thoughts on Making Money”
There are thousands of ways to make real money, and I've spent a lifetime studying and analyzing many of them. Making real money entails, (1) intelligence, (2) a strategy, (3) a certain amount of courage, depending on the strategy used, (4) persistence, usually single-mindedness, often to the point of being obsessive, (5) a knowledge of one's own psychological make-up, (6) the ability to sacrifice -- a lot, if need be, for one's ambition, and last but not least, (7) a modicum of luck.
Most of the huge fortunes of today have been made utilizing a great deal of chutzpah, a powerful spirit of acquisitiveness (which is not necessarily bad), and an ability to borrow massive amounts of money. With this we better add a portion of luck or at least a streak of fortuitous timing.