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<p>Over the years, at least four doctrines have influenced and created my personal investment philosophy. These carry a heavy weight in all my investment decisions.</p>
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<h2>My indoctrination into the stock market, or "baptism by fire" as I remember it</h2>
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<p>It came during 1973-74 as I watched my own portfolio lose over -50%, the Nasdaq Index lose -60%, and even the stock of my bluest-of-blue chip employer (IBM) drop -58%. I also remember the despair as retirees were forced to cancel or reverse their retirement plans simply because their portfolios had lost too much. I have unending respect for those little "blips" on historical wall charts. They represent real bear markets, with big losses. And believe me, they're a lot tougher to recoup than the stories portrayed by mutual funds and the media.</p>
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