Interesting points that I have learnt from the book:
1) Search for a sound idea. A good start may be 'Which market can I find mispricing?'
2) Look at the odds and probabilities. Little Downside, Huge Upside, and High Probability of occurence.
Structure your bets so that the downside is small.
3) Test and re-test your investment idea. Think contrary and see if your idea is correct.
4) Reverse track when you found that you are wrong
5) Be steadfast to your convictions, even if most peaple disagree.
6) It is extremmely difficult to get people to invest in your idea, when you are against the concensus. Most people will agree that betting against the concensus is a great profit-making method, but few will be able to put the method into practice.
7) Know when to strike (i.e. buy/short) is important. Sometimes, you may be hurt if you are too early.
8) People are psychologically inclined not to let the winners run.
9) Let the winners run, until winners overshoot.
10) Know what's acceptable to the investors
11) Keep the cards close to your chest.
12) Be less emotional.
13) Find new ideas relentlessly. New ideas are likely to come from new people, wide reading and new investment products